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Salaries payable 0 38,000 0 - Cash 0 38,000 9 Cash 9 43,000 0 Accounts receivable 9 43,000 9 Dividends 9 4,700 o - Cash 0 4,700 9 G Cash 0 11,200 0 Service revenue 9 11,200 9 Accounts payable 9 7,200 o - Cash 9 7,200 o The following events apply to Montgomery Company for Year 1, its first year of operation: Received cash of $46,000 from the issue of common stock. Performed $65,000 of services on account. Incurred $9,900 of other operating expenses on account. Paid $38,000 cash for salaries expense. Collected $43,000 of accounts receivable. Paid a $4,700 dividend to the stockholders. Performed $11,200 of services for cash. Paid $7,200 of the accounts payable. msowewwe Required a. Record the preceding transactions in generaljournal form. b. Post the entries to T-accounts and determine the ending balance in each account. c. & cl. Determine the amount of total assets at the end of Year 1, and the amount of net income for Year 1