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

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Accounting

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

  1. Received cash of $30,000 from the issue of common stock.
  2. Performed $49,000 of services on account.
  3. Incurred $6,700 of other operating expenses on account.
  4. Paid $22,000 cash for salaries expense.
  5. Collected $35,000 of accounts receivable.
  6. Paid a $3,100 dividend to the stockholders.
  7. Performed $9,600 of services for cash.
  8. Paid $5,600 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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