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Post the entries to T-accounts and determine the ending balance in each account. Debit Beginning Balance Ending Balance Cash Credit Accounts Receivable Debit Credit Beginning Balance Ending Balance Accounts Payable Common Stock Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Dividends Service Revenue Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Debit Beginning Balance | Ending Balance Salaries Expense Ending Balance Other Operating Expense Credit Debit Credit Beginning Balance Ending Balance The following events apply to Montgomery Company for Year 1, its first year of operation: 1. Received cash of $46,000 from the issue of common stock. 2. Performed $65,000 of services on account. 3. Incurred $9,900 of other operating expenses on account. 4. Paid $38,000 cash for salaries expense. 5. Collected $43,000 of accounts receivable. 6. Paid a $4,700 dividend to the stockholders. 7. Performed $11,200 of services for cash. 8. Paid $7,200 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.

Post the entries to T-accounts and determine the ending balance in each account. Debit Beginning Balance Ending Balance Cash Credit Accounts Receivable Debit Credit Beginning Balance Ending Balance Accounts Payable Common Stock Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Dividends Service Revenue Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Debit Beginning Balance | Ending Balance Salaries Expense Ending Balance Other Operating Expense Credit Debit Credit Beginning Balance Ending Balance The following events apply to Montgomery Company for Year 1, its first year of operation: 1. Received cash of $46,000 from the issue of common stock. 2. Performed $65,000 of services on account. 3. Incurred $9,900 of other operating expenses on account. 4. Paid $38,000 cash for salaries expense. 5. Collected $43,000 of accounts receivable. 6. Paid a $4,700 dividend to the stockholders. 7. Performed $11,200 of services for cash. 8. Paid $7,200 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
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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3. determine the total amount of assets at the end of year 1 and the amount of net income for year 1

Post the entries to T-accounts and determine the ending balance in each account. Debit Beginning Balance Ending Balance Cash Credit Accounts Receivable Debit Credit Beginning Balance Ending Balance Accounts Payable Common Stock Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Dividends Service Revenue Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Debit Beginning Balance | Ending Balance Salaries Expense Ending Balance Other Operating Expense Credit Debit Credit Beginning Balance Ending Balance
Transcribed Image Text:Post the entries to T-accounts and determine the ending balance in each account. Debit Beginning Balance Ending Balance Cash Credit Accounts Receivable Debit Credit Beginning Balance Ending Balance Accounts Payable Common Stock Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Dividends Service Revenue Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Debit Beginning Balance | Ending Balance Salaries Expense Ending Balance Other Operating Expense Credit Debit Credit Beginning Balance Ending Balance
The following events apply to Montgomery Company for Year 1, its first year of operation: 1. Received cash of $46,000 from the issue of common stock. 2. Performed $65,000 of services on account. 3. Incurred $9,900 of other operating expenses on account. 4. Paid $38,000 cash for salaries expense. 5. Collected $43,000 of accounts receivable. 6. Paid a $4,700 dividend to the stockholders. 7. Performed $11,200 of services for cash. 8. Paid $7,200 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.
Transcribed Image Text:The following events apply to Montgomery Company for Year 1, its first year of operation: 1. Received cash of $46,000 from the issue of common stock. 2. Performed $65,000 of services on account. 3. Incurred $9,900 of other operating expenses on account. 4. Paid $38,000 cash for salaries expense. 5. Collected $43,000 of accounts receivable. 6. Paid a $4,700 dividend to the stockholders. 7. Performed $11,200 of services for cash. 8. Paid $7,200 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.
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