Journal entry worksheet:
A. Incurred $9,100 of other operating expenses on account.
Debit: Operating Expenses $9,100
Credit: Accounts Payable $9,100
B. Paid $34,000 cash for salaries expense.
Debit: Salaries Expense $34,000
Credit: Cash $34,000
C. Paid $6,800 of the accounts payable.
Debit: Accounts Payable $6,800
Credit: Cash $6,800
D. Received cash of $42,000 from the issue of common stock.
Debit: Cash $42,000
Credit: Common Stock $42,000
E. Performed $61,000 of services on account.
Debit: Accounts Receivable $61,000
Credit: Service Revenue $61,000
F. Collected $41,000 of accounts receivable.
Debit: Cash $41,000
Credit: Accounts Receivable $41,000
G. Paid a $4,300 dividend to the stockholders.
Debit: Dividends $4,300
Credit: Cash $4,300
H. Performed $10,800 of services for cash.
Debit: Cash $10,800
Credit: Service Revenue $10,800
No journal entry required for transaction/event.
Recording the preceding transactions in general journal form:
Date | Account | Debit | Credit
-----------------------------------------------------
No journal entry required.
Jan. 1 | Operating Expenses | $9,100 |
| Accounts Payable | | $9,100
Jan. 1 | Salaries Expense | $34,000 |
| Cash | | $34,000
Jan. 1 | Accounts Payable | $6,800 |
| Cash | | $6,800
Jan. 1 | Cash | $42,000 |
| Common Stock | | $42,000
Jan. 1 | Accounts Receivable | $61,000 |
| Service Revenue | | $61,000
Jan. 1 | Cash | $41,000 |
| Accounts Receivable | | $41,000
Jan. 1 | Dividends | $4,300 |
| Cash | | $4,300
Jan. 1 | Cash | $10,800 |
| Service Revenue | | $10,800
No journal entry required.
The following events apply to Montgomery Company for Year 1, its first year of operation: 1. Received cash of $42,000 from the issue of common stock. 2. Performed $61,000 of services on account. 3. Incurred $9.100 of other operating expenses on account. 4. Paid $34,000 cash for salaries expense. 5. Collected $41,000 of accounts recelvable. 6. Paid a $4,300 dividend to the stockholders. 7. Performed $10,800 of services for cash. 8. Paid $6,800 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, Record 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. Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet < A Incurred $9,100 of other operating expenses on account. Note: Enter debits before credits. Journal entry worksheet < A B Note: Enter debits before credits. Journal entry worksheet Collected $41,000 of accounts receivable. Note: Enter debits before credits. Journal entry worksheet < A B Note: Enter debits before credits. Journal entry worksheet < A B C D B Performed $10,800 of services for cash. Note: Enter debits before credits. Journal entry worksheet Note: Enter debits before credits. Record 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 acco Journal entry worksheet E F G H Received cash of $42,000 from the issue of common stock. Note: Enter debits before credits.
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