The following events apply to Sanford Service Co. for 2013, its first year of operation:

1. Received cash of $60,000 from the issue of common stock.

2. Performed $100,000 worth of services on account.

3. Paid $74,000 cash for salaries expense.

4. Purchased supplies for $13,000 on account.

5. Collected $79,000 of accounts receivable.

6. Paid $9,500 of the accounts payable.

7. Paid a $6,000 dividend to the stockholders.

8. Had $2,500 of supplies on hand at the end of the period.

Required

a. Record these events in general journal form.

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

c. Determine the amount of total assets at the end of 2013.

d. Determine the amount of net income for 2013.