Chegg Study I Guided Solutions and Study He hapter 2 Homework Saved Help Save &
ID: 2338335 • Letter: C
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Chegg Study I Guided Solutions and Study He hapter 2 Homework Saved Help Save & Exit Sub 9 Check my won 1. Recelved $14,500 cash from the issue of common stock 2. Performed services on account for $45,000. 3. Paid the utility expense of $1,050 4. Collected $37,460 of the accounts receivable. 15 points 5. Recorded $5,600 of accrued salaries at the end of the year 6. Paid a $1,000 cash dividend to the stockholders. eBook Hint Print Required a. Record the events in general ledger accounts under an accounting equation. In the last column of the table, provide appropriate account titles for the Retained Earnings amounts. The first transaction has been recorded as an example. (Select "NA" if there is no References effect on the Accounts Titles for Retained Earnings": Enter any decreases to account balances with a minus sign.) MILEA, INC. General Ledger Accounts For the Year Ended December 31, Year 1 Liabilitiess Stockholders' Equity Accounts Titles Common Retained Retained Assets Event Salaries Cash 14,500 14,500 Totals 14,500Explanation / Answer
MILEA, INC.
General ledger Accounts
For the year ended December 31 Year 1
Events
Assets
=
Liabilities
+
Equity
Cash
+
Accounts Receivable
=
Salaries payable
+
Common Stock
+
Retained earnings
Account title for Retained earnings
1
$ 14,500.00
+
=
+
$ 14,500.00
+
2
+
$ 45,000.00
=
+
+
$ 45,000.00
Service Revenue
3
$ (1,050.00)
+
=
+
+
$ (1,050.00)
Utility Expense
4
$ 37,460.00
+
$ (37,460.00)
=
+
+
5
+
=
$ 5,600.00
+
+
$ (5,600.00)
Salaries expense
6
$ (1,000.00)
+
=
+
+
$ (1,000.00)
Dividends
Totals
$ 49,910.00
+
$ 7,540.00
=
$ 5,600.00
+
$ 14,500.00
+
$ 37,350.00
MILEA, INC.
General ledger Accounts
For the year ended December 31 Year 1
Events
Assets
=
Liabilities
+
Equity
Cash
+
Accounts Receivable
=
Salaries payable
+
Common Stock
+
Retained earnings
Account title for Retained earnings
1
$ 14,500.00
+
=
+
$ 14,500.00
+
2
+
$ 45,000.00
=
+
+
$ 45,000.00
Service Revenue
3
$ (1,050.00)
+
=
+
+
$ (1,050.00)
Utility Expense
4
$ 37,460.00
+
$ (37,460.00)
=
+
+
5
+
=
$ 5,600.00
+
+
$ (5,600.00)
Salaries expense
6
$ (1,000.00)
+
=
+
+
$ (1,000.00)
Dividends
Totals
$ 49,910.00
+
$ 7,540.00
=
$ 5,600.00
+
$ 14,500.00
+
$ 37,350.00
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