The following events apply to Montgomery Company for Year 1, its first year of operation: 1. Received cash of $36,000 from the issue of common stock. 2. Performed $48,000 of services on account. 3. Incurred $6,500 of other operating expenses on account. 4. Paid $21,000 cash for salaries expense. 5. Collected $34,500 of accounts receivable. 6. Paid a $3,000 dividend to the stockholders. 7. Performed $9,500 of services for cash. 8. Paid $5,500 of the accounts payable. Required a. Record the preceding transactions in general journal form. b. Post the entries to T-accounts. c. & d. Determine the amount of total assets at the end of Year 1, and the amount of net income for Year 1.

The following events apply to Montgomery Company for Year 1 , its first year of operation: 1. Received cash of $36,000 from the issue of common stock. 2. Performed $48,000 of services on account. 3. Incurred $6,500 of other operating expenses on account. 4. Paid $21,000 cash for salaries expense. 5. Collected $34,500 of accounts receivable. 6. Paid a $3,000 dividend to the stockholders. 7. Performed $9,500 of services for cash. 8. Paid $5,500 of the accounts payable. Required a. Record the preceding transactions in general journal form. b. Post the entries to T-accounts. c. \& d. Determine the amount of total assets at the end of Year 1 , and the amount of net income for Year 1