Exercise $13-17$A $($Algo$)$ Recording transactions in the general journal and T$-$accounts LO $13-1,13-2$

The following events apply to Montgomery Company for Year $1,$ its first year of operation:

Received cash of $$31,000$ from the issue of common stock.

Performed $$50,000$ of services on account.

Incurred $$6,900$ of other operating expenses on account.

Paid $$23,000$ cash for salaries expense.

Collected $$35,500$ of accounts receivable.

Paid a $$3,200$ dividend to the stockholders.

Performed $$9,700$ of services for cash.

Paid $$5,700$ 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.

Req B

Req $C$ and $D$

Determine the amount of total assets at the end of Year $1,$ and the amount of net income for Year $1.$

$\backslash$table$[[$c$.$ Total assets,,$],[$d$.$ Net income,,$]]$