esMijka Company was started on January 1, Year 1. During Year 1, the company experienced the following three accounting events:1 earned cash revenues of $31,9002 paid cash expenses of $14,3003 paid a $2,600 cash dividend to its stockholdersThese were the only events that affected the company during Year 1.Requireda. 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, forMijka CompanyComplete this question by entering your answers in the tabs below.Req AReq B IncomeStatementEventReq BStatement ofChangesRecord the effects of each accounting event under the appropriate general ledger account headings.Note: Enter any decreases to account balances with a minus sign. Not all cells require input.Stock issuance1. Cash revenues2. Paid expenses3. Paid dividendEnding balanceAssetsCashMIJKA COMPANYAccounting Equation for Year1100,000100,000==Req B BalanceSheet==Liabilities< Req A0++++Stockholders' EquityCommonStock100,000100,000++++RetainedEarningsReq B Income Statement >0

Given that,cash revenues = $31,900Cash expenses = $14,300Cash dividend = $2,600

Answered: Mijka Company was started on January 1,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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