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Exercise 13-17A (Algo) Recording transactions in the general journal and T-accounts LO 13-1, 13-2 The...

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Exercise 13-17A (Algo) Recording transactions in the general journal and T-accounts LO 13-1, 13-2 The following events apply to Montgomery Company for Year 1, its first year of operation: 1. Received cash of $49,000 from the issue of common stock. 2. Performed $68,000 of services on account. 3. Incurred $10.500 of other operating expenses on account. 4. Paid $41.000 cash for salaries expense. 5. Collected $44,500 of accounts receivable. 6. Paid a $5,000 dividend to the stockholders. 7. Performed $11,500 of services for cash. 8. Paid $7.500 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. & d. Determine the amount of total assets at the end of Year 1, and the amount of net income for Year 1. Complete this question by entering your answers in the tabs below. Reca Reg B Reg Cand D Journal entry worksheet A B D E F G H Received cash of $49,000 from the issue of common stock. Note: Enter debits before credits. General Journal Debit Credit Event 1 Record entry Clear entry View general journal

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