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 $$44,000$ from the issue of common stock.

Performed $$63,000$ of services on account.

Incurred $$9,500$ of other operating expenses on account.

Paid $$36,000$ cash for salaries expense.

Collected $$42,000$ of accounts receivable.

Paid a $$4,500$ dividend to the stockholders.

Performed $$11,000$ of services for cash.

Paid $$7,000$ 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 $1.$