Chapter 2 Ouir psffnewconnect mheducation.com/tlow/connect htm 0 Required inform

Question

Chapter 2 Ouir psffnewconnect mheducation.com/tlow/connect htm 0 Required information The foowing information applies to the questions displayed below Mlea Inc experienced the following events in Year 1, its first year af operations 1 Recetved $13,000 cash from the issue of common stock 2 Performed services on account for $45,000 3. Paid the utility expense of $1,400 4 Collected $38,040 of the accounts receivable 5. Recorded 57850 of accrued salaries at the end of the year 6 Paid a $900 cash didend to the stockholders Required o. Record the events in general letdger accounts under an accounting equation in the last column of the table, prowide sppropriate account titles for the Retained Eanings amounts The fiest transaction has been recorded as an example (Select "Na" if there is no effect on the "Accounts Titles for Retained Earnings" Enter any decresses to account balances with a mibus sign.) MILEA lw. Accounting equetion For the Yesr Ended Oncember 31, Year 1 erourts Tesfor Sdlarics 1,000 e#a@

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Cash AR = Salaries Payable Retained Earnings Acct. Title 1 $ 13,000.00 $               13,000.00 Common Stock 2 $   45,000.00 $               45,000.00 Net Income 3 $ (1,400.00) $               (1,400.00) Net Income 4 $ 38,040.00 $ (38,040.00) 5 $             7,850.00 $               (7,850.00) 6 $     (900.00) $                  (900.00) Dividend $ 48,740.00 $      6,960.00 $            -   $             7,850.00 $               47,850.00

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