Exercise 13 - 17A (Algo) Recording transactions in the general journal and T-accounts LO 13 - 1, 13-2 The following events apply to Montgomery Company for Year 1, its first year of operation: Received cash of $ 44,000 from the issue of common stock. Performed $63,000 of services on account. Incurred $9,500 of other operating expenses on account. Paid $36,000 cash for salaries expense. Collected $42,000 of accounts receivable. Paid a $4,500 dividend to the stockholders. Performed $11,000 of services for cash. Paid $7,000 of the accounts payable. Required a. Record the preceding transactions in general journal form. b. Post the entries to T - accounts and determine the ending balance in each account. c. & d. Determine the amount of total assets at the end of Year 1, and the amount of net income for Year 1.

Exercise 13 - 17A (Algo) Recording transactions in the general journal and T-accounts LO 13 - 1, 13-2 The following events apply to Montgomery Company for Year 1, its first year of operation: Received cash of $ 44,000 from the issue of common stock. Performed $63,000 of services on account. Incurred $9,500 of other operating expenses on account. Paid $36,000 cash for salaries expense. Collected $42,000 of accounts receivable. Paid a $4,500 dividend to the stockholders. Performed $11,000 of services for cash. Paid $7,000 of the accounts payable. Required a. Record the preceding transactions in general journal form. b. Post the entries to T - accounts and determine the ending balance in each account. c. & d. Determine the amount of total assets at the end of Year 1, and the amount of net income for Year 1.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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