The following events apply to Montgomery Company for Year 1, its first year of operation: 1....

Question

Question

The following events apply to Montgomery Company for Year 1, its first year of operation: 1. Received cash of $31,000 from the issue of common stock 2. Performed $50,000 of services on account. 3. Incurred $6,900 of other operating expenses on account. 4. Paid $23,000 cash for salaries expense 5. Collected $35,500 of accounts receivable. 6. Paid a $3,200 dividend to the stockholders. 7. Performed $9,700 of services for cash. 8. Paid $5,700 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.

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

Part b: Part a: No Debit Credit Cash General Journal Account receivable Beg. Bal Part c Cash |Вeg. Bal 31,000 Common stock 31

Add a comment

Answer 2

Similar Homework Help Questions

The following events apply to Montgomery Company for Year 1, its first year of operation: 1....

The following events apply to Montgomery Company for Year 1, its first year of operation: 1. Received cash of $35,000 from the issue of common stock. 2. Performed $54,000 of services on account. 3. Incurred $7,700 of other operating expenses on account. 4. Paid $27,000 cash for salaries expense. 5. Collected $37,500 of accounts receivable. 6. Paid a $3,600 dividend to the stockholders. 7. Performed $10,100 of services for cash. 8. Paid $6,100 of the accounts payable. Required a. Record...
The following events apply to Montgomery Company for 2016, its first year of operation: 1. Received...

The following events apply to Montgomery Company for 2016, its first year of operation: 1. Received cash of $49,000 from the issue of common stock. 2. Performed $68,000 of services on account. 3. Incurred $10,500 of other operating expenses on account. 4. Paid $41,000 cash for salaries expense. 5. Collected $44,500 of accounts receivable. 6. Paid a $5,000 dividend to the stockholders. 7. Performed $11,500 of services for cash. 8. Paid $7,500 of the accounts payable.
The following events apply to Montgomery Company for Year 1, its first year of operation: 1....

The following events apply to Montgomery Company for Year 1, its first year of operation: 1. Received cash of $35.000 from the issue of common stock 2. Performed $54.000 of services on account. 3. Incurred $7700 of other operating expenses on account. 4. Pald $27.000 cash for salaries expense. 5. Collected $37.500 of accounts receivable. 6. Pald a $3.600 dividend to the stockholders. 7. Performed $10,100 of services for cash. 8. Pald $6,100 of the accounts payable. Required a. Record...

The following events apply to Pearson Service Co. for 2018, its first year of operation: Received...

The following events apply to Pearson Service Co. for 2018, its first year of operation: Received cash of $50,000 from the issue of common stock. Performed $90,000 worth of services on account. Paid $64,000 cash for salaries expense. Purchased supplies for $12,000 on account. Collected $78,000 of accounts receivable. Paid $8,500 of the accounts payable. Paid a $5,000 dividend to the stockholders. Had $1,500 of supplies on hand at the end of the period. Required Record these events in general...
QUESTION 1 Problem 1 Recording transactions in the general journal and T-accounts The following events apply...

QUESTION 1 Problem 1 Recording transactions in the general journal and T-accounts The following events apply to ABC Company for Year 1, its first year of operation: Received cash of $36,000 from the issue of common stock. Performed $48,000 of services on account. Incurred $6,500 of other operating expenses on account. Paid $21,000 cash for salaries expense. Collected $34,500 of accounts receivable. Paid a $3,000 dividend to the stockholders. Performed $9,500 of services for cash. Paid $5,500 of the accounts...
Colton Enterprises experienced the following events for Year 1, the first year of operation: Acquired $50,000 cash from...

Colton Enterprises experienced the following events for Year 1, the first year of operation: Acquired $50,000 cash from the issue of common stock. Paid $13,500 cash in advance for rent. The payment was for the period April 1, Year 1, to March 31, Year 2. Performed services for customers on account for $102,000. Incurred operating expenses on account of $42,500. Collected $78,000 cash from accounts receivable. Paid $36,000 cash for salary expense. Paid $34,000 cash as a partial payment on...

Colton Enterprises experienced the following events for Year 1, the first year of operation: Acquired $50,000...

Colton Enterprises experienced the following events for Year 1, the first year of operation: Acquired $50,000 cash from the issue of common stock. Paid $13,500 cash in advance for rent. The payment was for the period April 1, Year 1, to March 31, Year 2. Performed services for customers on account for $102,000. Incurred operating expenses on account of $42,500. Collected $78,000 cash from accounts receivable. Paid $36,000 cash for salary expense. Paid $34,000 cash as a partial payment on...
Cordell Inc. experienced the following events in Year 1, its first year of operation: 1. Received...

Cordell Inc. experienced the following events in Year 1, its first year of operation: 1. Received $56,000 cash from the issue of common stock. 2. Performed services on account for $78,000. 3. Paid a $5,600 cash dividend to the stockholders. 4. Collected $62,000 of the accounts receivable. 5. Paid $56,000 cash for other operating expenses. 6. Performed services for $18,500 cash. 7. Recognized $2,600 of accrued utilities expense at the end of the year. Required a. & c. Identify the...
Colton Enterprises experienced the following events for Year 1, the first year of operation: Acquired $50,000...

Colton Enterprises experienced the following events for Year 1, the first year of operation: Acquired $50,000 cash from the issue of common stock. Paid $13,500 cash in advance for rent. The payment was for the period April 1, Year 1, to March 31, Year 2. Performed services for customers on account for $102,000. Incurred operating expenses on account of $42,500. Collected $78,000 cash from accounts receivable. Paid $36,000 cash for salary expense. Paid $34,000 cash as a partial payment on...

Cordell Inc. experienced the following events in Year 1, its first year of operation: Received $49,000...

Cordell Inc. experienced the following events in Year 1, its first year of operation: Received $49,000 cash from the issue of common stock. Performed services on account for $77,000. Paid a $4,900 cash dividend to the stockholders. Collected $55,000 of the accounts receivable. Paid $49,000 cash for other operating expenses. Performed services for $15,500 cash. Recognized $1,900 of accrued utilities expense at the end of the year. Required a. & c. Identify the events that result in revenue or expense...

The following events apply to Montgomery Company for Year 1, its first year of operation: 1....

Homework Answers