The following events apply to Montgomery Company for Year 1, its first year of operation:1. Received cash of $46,000 from the issue of common stock.2. Performed $65,000 of services on account.3. Incurred $9,900 of other operating expenses on account.4. Paid $38,000 cash for salaries expense.5. Collected $43,000 of accounts receivable.6. Paid a $4,700 dividend to the stockholders.7. Performed $11,200 of services for cash.8. Paid $7,200 of the accounts payable.Requireda. 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.Req AReq BReq C and DRecord the preceding transactions in general journal form.Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.View transaction list

Name: The following events apply to Montgomery Company for Year 1, its firs
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: The following events apply to Montgomery Company for Year 1, its first year of operation:1. Received cash of $46,000 from the issue of common stock.2. Performed $65,000 of services on account.3. Incurred $9,900 of other operating expenses on account

In U.S. Generally Accepted Accounting Principles (GAAP), journal entries are used to record…

Business

Accounting

1. Received cash of $46,000 from the issue of common stock. 2. Performed $65,000 of services on account. 3. Incurred $9,900 of other operating expenses on account. 4. Paid $38,000 cash for salaries expense. 5. Collected $43,000 of accounts receivable. 5. Paid a $4,700 dividend to the stockholders. 7. Performed $11,200 of services for cash. 3. Paid $7,200 of the accounts payable.

1. Received cash of $46,000 from the issue of common stock. 2. Performed $65,000 of services on account. 3. Incurred $9,900 of other operating expenses on account. 4. Paid $38,000 cash for salaries expense. 5. Collected $43,000 of accounts receivable. 5. Paid a $4,700 dividend to the stockholders. 7. Performed $11,200 of services for cash. 3. Paid $7,200 of the accounts payable.

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter13: Corporations: Organization, Stock Transactions, And Dividends

Section: Chapter Questions

Problem 3PA: The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the...

See similar textbooks

Similar questions

The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the current fiscal year: During the year, the corporation completed a number of transactions affecting the stockholders equity. They are summarized as follows: a. Issued 500,000 shares of common stock at 8, receiving cash. b. Issued 10,000 shares of preferred 1% stock at 60. c. Purchased 50,000 shares of treasury common for 7 per share. d. Sold 20,000 shares of treasury common for 9 per share. e. Sold 5,000 shares of treasury common for 6 per share. f. Declared cash dividends of 0.50 per share on preferred stock and 0.08 per share on common stock. g. Paid the cash dividends. Instructions Journalize the entries to record the transactions. Identify each entry by letter.
The following selected transactions occurred for Corner Corporation:Feb. 1 Purchased 400 shares of the company’s own common stock at $20 cash per share;the stock is now held in treasury.July 15 Issued 100 of the shares purchased on February 1 for $30 cash per share.Sept. 1 Issued 60 more of the shares purchased on February 1 for $15 cash per share.Required:1. Show the effects of each transaction on the accounting equation.2. Give the indicated journal entries for each of the transactions.3. What impact does the purchase of treasury stock have on dividends paid?4. What impact does the reissuance of treasury stock for an amount higher than the purchaseprice have on net income?
During the year, Moore Corporation declared and paid $14,100 of dividends. Moore's assets, liabilities, and common stock at the beginning and end of the year were: January 1 December 31 $144,500 52,600 60,000 Total assets Total liabilities Common stock Required: Using the information provided, compute Moore's net income. X $178,200 59,700 60,000
The board of directors declared cash dividends totaling $223,700 during the current year. The comparative balance sheet indicates dividends payable of $53,700 at the beginning of the year and $48,300 at the end of the year. What was the amount of cash payments to stockholders during the year?fill in the blank 1 of 1$
During its first year of operations, Flounder Corporation had the following transactions pertaining to its common stock. Jan. 10 Issued 75,000 shares for cash at $6 per share. July 1 Issued 41,000 shares for cash at $9 per share. What is the date? What is the account title or explanation ? What is debit or credited ?
Turner Company started its business by issuing $14,000 of common stock on January 1, Year 1. The company performed $42,000 of services for customers on account in Year 1. It collected $34,100 of this amount in Year 1, recorded expenses on account of $31,100, paid $25,000 of the payables owed, and paid a $900 dividend to the stockholders. What is the Cash on Hand at the end of Year 1?
Use the horizontal model, or write the journal entry, for each of the following transactions and adjustments that occurred during the first year of operations at Kissick Co. Issued 210,000 shares of $6-par-value common stock for $1,260,000 in cash. Borrowed $540,000 from Oglesby National Bank and signed a 13% note due in two years. Incurred and paid $420,000 in salaries for the year. Purchased $650,000 of merchandise inventory on account during the year. Sold inventory costing $630,000 for a total of $980,000, all on credit. Paid rent of $110,000 on the sales facilities during the first 11 months of the year. Purchased $170,000 of store equipment, paying $50,000 in cash and agreeing to pay the difference within 90 days. Paid the entire $120,000 owed for store equipment and $610,000 of the amount due to suppliers for credit purchases previously recorded. Incurred and paid utilities expense of $44,000 during the year. Collected $845,000 in cash from customers during…
Following are the transactions and adjustments that occurred during the first year of operations at Kissick Co. Issued 195,000 shares of $5-par-value common stock for $975,000 in cash. Borrowed $510,000 from Oglesby National Bank and signed a 11% note due in three years. Incurred and paid $380,000 in salaries for the year. Purchased $730,000 of merchandise inventory on account during the year. Sold inventory costing $570,000 for a total of $910,000, all on credit. Paid rent of $220,000 on the sales facilities during the first 11 months of the year. Purchased $160,000 of store equipment, paying $52,000 in cash and agreeing to pay the difference within 90 days. Paid the entire $108,000 owed for store equipment and $600,000 of the amount due to suppliers for credit purchases previously recorded. Incurred and paid utilities expense of $34,000 during the year. Collected $835,000 in cash from customers during the year for credit sales previously recorded. At year-end, accrued $56,100 of…
Use the horizontal model, or write the journal entry, for each of the following transactions and adjustments that occurred during the first year of operations at Kissick Co. Issued 220,000 shares of $5-par-value common stock for $1,100,000 in cash. Borrowed $540,000 from Oglesby National Bank and signed a 13% note due in two years. Incurred and paid $400,000 in salaries for the year. Purchased $700,000 of merchandise inventory on account during the year. Sold inventory costing $620,000 for a total of $960,000, all on credit. Paid rent of $330,000 on the sales facilities during the first 11 months of the year. Purchased $140,000 of store equipment, paying $53,000 in cash and agreeing to pay the difference within 90 days. Paid the entire $87,000 owed for store equipment and $590,000 of the amount due to suppliers for credit purchases previously recorded. Incurred and paid utilities expense of $37,000 during the year. Collected $875,000 in cash from customers during the year for credit…
Following are the transactions and adjustments that occurred during the first year of operations at Kissick Co. Issued 191,000 shares of $5-par-value common stock for $955,000 in cash. Borrowed $530,000 from Oglesby National Bank and signed a 10% note due in three years. Incurred and paid $390,000 in salaries for the year. Purchased $720,000 of merchandise inventory on account during the year. Sold inventory costing $570,000 for a total of $910,000, all on credit. Paid rent of $220,000 on the sales facilities during the first 11 months of the year. Purchased $180,000 of store equipment, paying $51,000 in cash and agreeing to pay the difference within 90 days. Paid the entire $129,000 owed for store equipment and $620,000 of the amount due to suppliers for credit purchases previously recorded. Incurred and paid utilities expense of $34,000 during the year. Collected $845,000 in cash from customers during the year for credit sales previously recorded. At year-end, accrued $53,000 of…
Use the horizontal model, or write the journal entry, for each of the following transactions and adjustments that occurred during the first year of operations at Kissick Co. Issued 100,000 shares of $5-par-value common stock for $500,000 in cash. Borrowed $250,000 from Oglesby National Bank and signed a 12% note due in three years. Incurred and paid $190,000 in salaries for the year. Purchased $320,000 of merchandise inventory on account during the year. Sold inventory costing $290,000 for a total of $455,000, all on credit. Paid rent of $55,000 on the sales facilities during the first 11 months of the year. Purchased $75,000 of store equipment, paying $25,000 in cash and agreeing to pay the difference within 90 days. Paid the entire $50,000 owed for store equipment and $310,000 of the amount due to suppliers for credit purchases previously recorded. Incurred and paid utilities expense of $18,000 during the year. Collected $412,000 in cash from customers during the year for credit…
Help me please