The following events apply to Pearson Service Co. for Year 1, its first year of operation:

Received cash of $61,000 from the issue of common stock.

Performed $117,500 worth of services on account.

Paid $80,500 cash for salaries expense.

Purchased supplies for $17,500 on account.

Collected $94,500 of accounts receivable.

Paid $12,900 of the accounts payable.

Paid a $6,100 dividend to the stockholders.

Had $2,050 of supplies on hand at the end of the period.

Required

Record these events in general journal form.

Post the entries to T-accounts and determine the ending balance in each account.

Determine the amount of total assets at the end of Year 1.

Determine the amount of net income for Year 1.