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LO 13-1, 13-2 Exercise 13-17B Recording transactions in general journal and T-account The following events...

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LO 13-1, 13-2 Exercise 13-17B Recording transactions in general journal and T-account The following events apply to Colton Training Co. for Year 1, its first year of operation: 1. Received cash of $60,000 from the issue of common stock. 2. Performed $100,000 worth of services on account. 3. Paid $74,000 cash for salaries expense. 4. Purchased supplies for $13,000 on account. 5. Collected $79,000 of accounts receivable. 6. Paid $9,500 of the accounts payable. 7. Paid a $6,000 dividend to the stockholders. 8. Had $2,500 of supplies on hand at the end of the period. Required a. Record these events in general journal form. Colton Training Co. General Journal, Year 1 Event Account Titles Debit Credit EXERCISE 13-17B (cont.) . Post the entries to Taccounts and determine the ending balance in each account c. Determine the amount of total assets at the end of Year I. d. Determine the amount of net income for Year I. STOCKHOLDERS' EQUITY ASSETS LIABILITIES H

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