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The following events apply to Montgomery Company for Year 1, its first year of operation: 23 02:40:02 1. Received cash of $34,000 from the issue of common stock. 2. Performed $53,000 of services on account. 3. Incurred $7,500 of other operating expenses on account. 4. Paid $26,000 cash for salaries expense. 5. Collected $37,000 of accounts receivable. 6. Paid a $3,500 dividend to the stockholders. 7. Performed $10,000 of services for cash. 8. Paid $6,000 of the accounts payable. Print 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. Req A Req B Req C and D 23 Record the preceding transactions in general journal form. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list 02:39:30 Journal entry worksheet Print Received cash of $34,000 from the issue of common stock. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal Req A Reg B Reg C and D 23 Post the entries to T-accounts and determine the ending balance in each account. Cash Accounts Receivable X 02:38:53 Beg. Bal Beg. Bal Print End. Bal End. Bal Accounts Payable Common Stock Beg. Bal Beg. Bal End. Bal End. Bal Dividends Service Revenue Beg. Bal Beg. Bal End. Bal End. Bal Salaries Expense Other Operating Expense Beg. Bal Beg. Bal End. Bal End. Bal Complete this question by entering your answers in the tabs below. Req A Req B Reg C and D Determine the amount of total assets at the end of Year 1, and the amount of net income for Year 1. C Total assets d. Net income

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