Help Save & E 0 Required information The following information applies to the qu
ID: 2338612 • Letter: H
Question
Help Save & E 0 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: 12 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. Required a. Record the events in general ledger accounts under an accounting equation. In the la account titles for the Retained Earnings amounts. The f effect on the "Accounts Titles for Retained st column of the table, provide appropriate n example. (Select "NA" if there is no first transaction has been recorded as a Earnings". Enter any decreases to account balances with a minus sign.) MILEA, INCExplanation / Answer
MILEA INC.
General Ledger Accounts
For the year ended December 31, Year 1
Event
Assets
=
Liabilities
+
Stockholder’s Equity
Accounts titles for Retained Earnings
Cash
Accounts Receivable
=
Salaries Payable
+
Common Stock
Retained Earnings
1
13,500
=
+
13,500
2
45,000
=
+
45,000
Profit & Loss Account
3
(1,150)
=
+
(1,150)
Profit & Loss Account
4
36,540
(36,540)
=
+
5
=
8,100
+
(8,100)
Profit & Loss Account
6
(1,050)
=
+
(1,050)
Profit & Loss Account
Total
47,840
8,460
=
8,100
+
13,500
34,700
MILEA INC.
General Ledger Accounts
For the year ended December 31, Year 1
Event
Assets
=
Liabilities
+
Stockholder’s Equity
Accounts titles for Retained Earnings
Cash
Accounts Receivable
=
Salaries Payable
+
Common Stock
Retained Earnings
1
13,500
=
+
13,500
2
45,000
=
+
45,000
Profit & Loss Account
3
(1,150)
=
+
(1,150)
Profit & Loss Account
4
36,540
(36,540)
=
+
5
=
8,100
+
(8,100)
Profit & Loss Account
6
(1,050)
=
+
(1,050)
Profit & Loss Account
Total
47,840
8,460
=
8,100
+
13,500
34,700
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