Business
Business, 16.07.2021 21:30, adrian08022

The following events apply to Montgomery 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 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.

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