The following events apply to Montgomery Company for Year 1, its first year of operation: 1. Received cash of $38,000 from the issue of common stock. 2. Performed $57,000 of services on account. 3. Incurred $8,300 of other operating expenses on account. 4. Paid $30,000 cash for salaries expense. 5. Collected $39,000 of accounts receivable. 6. Paid a $3,900 dividend to the stockholders. 7. Performed $10,400 of services for cash. 8. Paid $6,400 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.

The following events apply to Montgomery Company for Year 1, its first year of operation: 1. Received cash of $38,000 from the issue of common stock. 2. Performed $57,000 of services on account. 3. Incurred $8,300 of other operating expenses on account. 4. Paid $30,000 cash for salaries expense. 5. Collected $39,000 of accounts receivable. 6. Paid a $3,900 dividend to the stockholders. 7. Performed $10,400 of services for cash. 8. Paid $6,400 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.

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter9: Accounting For Purchases And Cash Payments

Section9.5: Posting From A Cash Payments Journal

Problem 1WT

See similar textbooks

Similar questions

INSTRUCTIONS: • Use MS Excel • Before you start journalizing, enter the appropriate columnar headings: Date, Description, P/R, Debit, Credit. • Journalize the transactions, including the appropriate description and source documents for each transaction. • Use compound entry for entries with multiple debit and credit accounts. • In the posting reference (P/R) column encode the account numbers. • Leave a space after every journal entry. Required: - JOURNAL ENTRIES
Your assistant prepared the following bank reconcillation statement. It appears that the statement Is unacceptable and the task of preparing a proper reconcilation falls upon you. Brandon Company Bank Reconciliation May 31, 2020 Balance per books May 31 $ 9,500 Add: Electronic Fund Transfer $ 1,060 Deposit in transit 2,455 3,515 $13,015 Deduct: Bank charges NSF cheque, Rhonda Teal Outstanding cheques Error in cheque #78: correctly issued and processed by the bank for $762, but incorrectly recorded in the books as $726 (Accounts Payable-Delta Co.) 10 500 1, 8ee 36 2,346 $10,669 9,359 Indicated bank balance Balance per bank statement Discrepancy $ 1,310
I need help please @
Journalize each of the following transactions assuming a perpetual inventory system and PST at 8% along with 5% GST. Note: Any available cash discount is taken only on the sale price before taxes. Aug. 1 Purchased $2,100 of merchandise for cash. 2 Purchased $6,900 of merchandise; terms 3/10, n/30. 5 Sold merchandise costing $3,700 for $5,300; terms 2/10, n/30. 12 Paid for the merchandise purchased on August 2. 15 Collected the amount owing from the customer of August 5. 17 Purchased $6,100 of merchandise; terms n/15. 19 Recorded $7,100 of cash sales (cost of sales $5,900). View transaction list Journal entry worksheet 6 7 8 > 1 2 3 4 Record the cash purchase. Note: Enter debits before credits.
Put everything in the general journal
Subject : Accounting
Put everything in the general journal
Need help with accounting review
NOTES PAYABLE ENTRIES Milo Radio Shop had the following notes payable transactions: REQUIRED Record the transactions in a general journal.
Instructions The following equity investment transactions were completed by Romero Company during a recent year. Apr. July Sept. 10 Purchased 4,700 shares of Dixon Company for a price of $49 per share plus a brokerage commission of $120. 8 Received a quarterly dividend of $0.70 per share on the Dixon Company investment. 10 Sold 1,900 shares for a price of $41 per share less a brokerage commission of $75. Journalize the entries for these transactions. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers the nearest dollar.
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
Give typing answer with explanation and conclusion