Majka Company was started on January 1, Year 1. During Year 1, the company experienced the following accounting events: (1) Issued 50,300 worth of common stock (2) earned cash revenues of $33,100, (3) paid cash expenses of $14,700, and (4) paid a $3,000 cash dividend to its stockholders. These were the only events that affected the company during Year 1. Required a. Record the effects of each accounting event under the appropriate general ledger account headings. b. Prepare an income statement, statement of changes in stockholders' equity, and a balance sheet dated December 31, Year 1, for Majka Company. Complete this question by entering your answers in the tabs below. Required A Required B Inc Stmt Required B Stmt of Changes Required B Bal Sheet Record the effects of each accounting event under the appropriate general ledger account headings. (Enter any decreases to account balances with a minus sign.)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Majka Company was started on January 1, Year 1. During Year 1, the company experienced the following accounting events: (1) Issued
50,300 worth of common stock (2) earned cash revenues of $33,100, (3) paid cash expenses of $14,700, and (4) paid a $3,000 cash
dividend to its stockholders. These were the only events that affected the company during Year 1.
Required
a. Record the effects of each accounting event under the appropriate general ledger account headings.
b. Prepare an income statement, statement of changes in stockholders' equity, and a balance sheet dated December 31, Year 1, for
Majka Company.
Complete this question by entering your answers in the tabs below.
Required A
Event
Required B Inc
Stmt
1.
2.
3.
4.
Ending balance
Required B
Stmt of
Changes
Record the effects of each accounting event under the appropriate general ledger account headings. (Enter any decreases to
account balances with a minus sign.)
Assets
Cash
MAJKA COMPANY
Accounting Equation for Year 1
Liabilities
=
=
=
=
=
Required B Bal
Sheet
=
=
< Required A
+
+
+
+
+
+
+
Stockholders' Equity
Common
Stock
+
+
+
+
+
Retained
Earnings
Required B Inc Stmt >
Transcribed Image Text:Majka Company was started on January 1, Year 1. During Year 1, the company experienced the following accounting events: (1) Issued 50,300 worth of common stock (2) earned cash revenues of $33,100, (3) paid cash expenses of $14,700, and (4) paid a $3,000 cash dividend to its stockholders. These were the only events that affected the company during Year 1. Required a. Record the effects of each accounting event under the appropriate general ledger account headings. b. Prepare an income statement, statement of changes in stockholders' equity, and a balance sheet dated December 31, Year 1, for Majka Company. Complete this question by entering your answers in the tabs below. Required A Event Required B Inc Stmt 1. 2. 3. 4. Ending balance Required B Stmt of Changes Record the effects of each accounting event under the appropriate general ledger account headings. (Enter any decreases to account balances with a minus sign.) Assets Cash MAJKA COMPANY Accounting Equation for Year 1 Liabilities = = = = = Required B Bal Sheet = = < Required A + + + + + + + Stockholders' Equity Common Stock + + + + + Retained Earnings Required B Inc Stmt >
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