Exercise 3-17A Recording transactions in the general journal and T-accounts LO 3-1, 3-2 The following events apply to Montgomery Company for Year 1, its first year of operation: Received cash of $33,000 from the issue of common stock. Performed $52,000 of services on account. Incurred $7,300 of other operating expenses on account. Paid $25,000 cash for salaries expense. Collected $36,500 of accounts receivable. Paid a $3,400 dividend to the stockholders. Performed $9,900 of services for cash. Paid $5,900 of the accounts payable.(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) Determine the amount of total assets at the end of Year 1, and the amount of net income for Year 1