ork Help Save & E Che Required information [The following information applies to

Question

ork Help Save & E Che Required information [The following information applies to the questions displayed below.] Milea Inc. experienced the following events in Year 1, Its first year of operations: 1. Received $13,500 cash from the issue of common stock. 2. Performed services on account for $45,000 3. Paid the utility expense of $1,150. 4. Collected $36,540 of the accounts receivable. 5. Recorded $8,100 of accrued salaries at the end of the year. 6. Paid a $1,050 cash dividend to the stockholders. uired ecord the events in general ledger accounts under an accounting equation. In the last column of the t unt titles for the Retained Earnings amounts. The first transaction has been recorded as an example. (Select "NA" if there is les for Retained Earnings. Enter any decreases to account balances with a minus sign.) ct on the "Accounts Titl MILEA, INC. General Ledger Accounts

Explanation / Answer

MILEA INC. Accounting Equation For the Year Ended December 31, Year 1 Event Assets = Liabilities + Stockholders' Equity Accounts Titles for Retained Earnings Cash Accounts Receivable = Salaries Payable + Common Stock Retained Earnings 1 13500 = + 13500 NA NA 2 45000 = + 45000 Service Revenue 3 -1150 = + -1150 Utility Expense 4 36540 -36540 = + NA 5 = 8100 + -8100 Salaries Expense 6 -1050 = + -1050 Dividend Totals 47840 8460 = 8100 + 13500 34700

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