Recording transactions in the general journal and T-accounts
The following events apply to Godwin Company for 2011, its first year of operation.
1. Received cash of $48,000 from the issue of common stock.
2. Performed $85,000 of services on account.
3. Incurred $8,000 of other operating expenses on account.
4. Paid $34,000 cash for salaries expense.
5. Collected $65,000 of accounts receivable.
6. Paid a $5,000 dividend to the stockholders.
7. Performed $9,200 of services for cash.
8. Paid $4,400 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. Determine the amount of total assets at the end of 2011.
d. Determine the amount of net income for 2011.
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