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 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 Assets Liabilities Stockholders' Equity Accounts Titles for Common Salaries Payable Event Retained Accounts Receivable Retained Earnings Cash Stock Earnings 1. 14,000 14,000 %3D 2. %3D +] 3. %3D 4.
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 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 Assets Liabilities Stockholders' Equity Accounts Titles for Common Salaries Payable Event Retained Accounts Receivable Retained Earnings Cash Stock Earnings 1. 14,000 14,000 %3D 2. %3D +] 3. %3D 4.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Answer only.
Transcribed Image Text: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
effect on the "Accounts Titles for Retained Earnings". Enter any decreases to account balances with a minus sign.)
p-
MILEA, INC.
ok
General Ledger Accounts
For the Year Ended December 31, Year 1
Assets
Liabilities
+
Stockholders' Equity
Accounts Titles for
Retained Earnings
at
Event
Accounts
Receivable
Common
Stock
Salaries
Retained
Cash
+
Payable
Earnings
1.
14,000
14,000
nt
+
2.
+
3.
+
4.
rences
=
5.
+
6.
O +
14,000
Totals
14,000
![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 $14,000 cash from the issue of common stock.
2. Performed services on account for $45,000.
3. Paid the utility expense of $1,450.
4. Collected $38,550 of the accounts receivable.
5. Recorded $7,200 of accrued salaries at the end of the year.
6. Paid a $1,100 cash dividend to the stockholders.
Required](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbac5cd56-9885-4a25-8e51-dfc1bb78a29e%2F0cbc234d-77d3-4f2c-81e4-ca9c32d715dc%2Fc5yyzpt_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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 $14,000 cash from the issue of common stock.
2. Performed services on account for $45,000.
3. Paid the utility expense of $1,450.
4. Collected $38,550 of the accounts receivable.
5. Recorded $7,200 of accrued salaries at the end of the year.
6. Paid a $1,100 cash dividend to the stockholders.
Required
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