Required Information [The following Information applies to the questions displayed below] Milea Inc. experlenced the following events In Year 1, Its first year of operations: 1. Recelved $20,000 cash from the Issue of common stock. 2 Performed services on account for $56.000. 3. Pald the utlity expense of $2,500. 4. Collected $48,000 of the accounts recevable. 5. Recorded $10,000 of accrued salarles at the end of the year. 6. Pald a $2000 cash dividend to the stockholders. Required a. Record the events In general ledger accounts under an accounting equation. In the last column of the table, provide approprlate account titles for the Retalned Earnings amounts. The first transaction has been recorded as an example. (If there Is no effect on the Account Titles for Retalned Earnings, leave the cell blank. Not all cells will require Input. Enter any decreases to account balances with a minus sign.) MILEA INC. General Ledger Accounts For the Year Ended December 31, Year 1 = Liabilities Salaries Payable Stockholders' Equity Common Stock Assets Accounts Receivable Retained Accounts Titles for Earnings Retained Earnings Event Cash 1. 20,000 20,000 %3D +. 2. %3D 3. 4. %3D 5. %3D 8. Totals
Required Information [The following Information applies to the questions displayed below] Milea Inc. experlenced the following events In Year 1, Its first year of operations: 1. Recelved $20,000 cash from the Issue of common stock. 2 Performed services on account for $56.000. 3. Pald the utlity expense of $2,500. 4. Collected $48,000 of the accounts recevable. 5. Recorded $10,000 of accrued salarles at the end of the year. 6. Pald a $2000 cash dividend to the stockholders. Required a. Record the events In general ledger accounts under an accounting equation. In the last column of the table, provide approprlate account titles for the Retalned Earnings amounts. The first transaction has been recorded as an example. (If there Is no effect on the Account Titles for Retalned Earnings, leave the cell blank. Not all cells will require Input. Enter any decreases to account balances with a minus sign.) MILEA INC. General Ledger Accounts For the Year Ended December 31, Year 1 = Liabilities Salaries Payable Stockholders' Equity Common Stock Assets Accounts Receivable Retained Accounts Titles for Earnings Retained Earnings Event Cash 1. 20,000 20,000 %3D +. 2. %3D 3. 4. %3D 5. %3D 8. Totals
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required information
[The following Information applies to the questions displayed below]
Milea Inc. experlenced the following events In Year 1. Its first year of operations:
1. Recelved $20,000 cash from the Issue of common stock.
2 Performed services on account for $56.000.
3. Pald the utility expense of $2,500.
4. Collected $48,000 of the accounts recelvable.
5. Recorded $10,000 of accrued salarles at the end of the year.
6. Paid a $2,000 cash dividend to the stockholders.
Required
a. Record the events In general ledger accounts under an accounting equation. In the last column of the table, provide approprlate
account titles for the Retalned Earnings amounts. The first transaction has
the Account Titles for Retalned Earnings, leave the cell blank. Not all cells will require input. Enter any decreases to account
balances with a minus sign.)
een recorded as an example. (If there Is no effect on
MILEA INC.
General Ledger Accounts
For the Year Ended December 31, Year 1
= Liabilities +
Salaries
Payable
Stockholders Equity
Common
Stock
Assets
Accounts
Receivable
Retained Accounts Titles for
Earnings Retained Earnings
Event
Cash
1.
20,000
20,000
2.
3.
4.
5.
8.
%3D
Totals](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb2e22230-6aae-4f7b-b617-c61c3dbe028e%2Fb7499ece-70ad-437a-9aea-9c9be206e3c6%2F1d6ijr_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following Information applies to the questions displayed below]
Milea Inc. experlenced the following events In Year 1. Its first year of operations:
1. Recelved $20,000 cash from the Issue of common stock.
2 Performed services on account for $56.000.
3. Pald the utility expense of $2,500.
4. Collected $48,000 of the accounts recelvable.
5. Recorded $10,000 of accrued salarles at the end of the year.
6. Paid a $2,000 cash dividend to the stockholders.
Required
a. Record the events In general ledger accounts under an accounting equation. In the last column of the table, provide approprlate
account titles for the Retalned Earnings amounts. The first transaction has
the Account Titles for Retalned Earnings, leave the cell blank. Not all cells will require input. Enter any decreases to account
balances with a minus sign.)
een recorded as an example. (If there Is no effect on
MILEA INC.
General Ledger Accounts
For the Year Ended December 31, Year 1
= Liabilities +
Salaries
Payable
Stockholders Equity
Common
Stock
Assets
Accounts
Receivable
Retained Accounts Titles for
Earnings Retained Earnings
Event
Cash
1.
20,000
20,000
2.
3.
4.
5.
8.
%3D
Totals
Expert Solution
Introduction
Accounting equation is an equation which generally used in accounting world to analysis the accuracy of journal entries prepared in step two of accounting cycle. Accounting equation defines as the two side of balance sheet like assets and liabilities & equity should have an equal balance.
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