Required information [The following information applies to the questions displayed below.] Milea Incorporated experienced the following events in Year 1, its first year of operations: 1. Received $16,500 cash from the issue of common stock. 2. Performed services on account for $45,000. 3. Paid the utility expense of $1,250. 4. Collected $30,040 of the accounts receivable. 5. Recorded $5,500 of accrued salaries at the end of the year. 6. Paid a $1,150 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 appropriate account titles for the Retained Earnings amounts. The first transaction has been recorded as an example. Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed. Event 1. 2. 3. 4. 5. 6. Totals Cash Assets 16,500 0✔ 30,040 46,540 MILEA INCORPORATED Accounting Equation For the Year Ended December 31, Year 1 Accounts Receivable 0 = = = = = = = = Answer is not complete. Liabilities + Salaries Payable 0 + + + + + + + + Stockholders' Equity Common Retained Stock Earnings 16,500 16,500 45,000 (1,250) (5,500) (1,150) 37,100 Account Titles for Retained Earnings Revenue Utility expense Salaries expense Dividend
Required information [The following information applies to the questions displayed below.] Milea Incorporated experienced the following events in Year 1, its first year of operations: 1. Received $16,500 cash from the issue of common stock. 2. Performed services on account for $45,000. 3. Paid the utility expense of $1,250. 4. Collected $30,040 of the accounts receivable. 5. Recorded $5,500 of accrued salaries at the end of the year. 6. Paid a $1,150 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 appropriate account titles for the Retained Earnings amounts. The first transaction has been recorded as an example. Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed. Event 1. 2. 3. 4. 5. 6. Totals Cash Assets 16,500 0✔ 30,040 46,540 MILEA INCORPORATED Accounting Equation For the Year Ended December 31, Year 1 Accounts Receivable 0 = = = = = = = = Answer is not complete. Liabilities + Salaries Payable 0 + + + + + + + + Stockholders' Equity Common Retained Stock Earnings 16,500 16,500 45,000 (1,250) (5,500) (1,150) 37,100 Account Titles for Retained Earnings Revenue Utility expense Salaries expense Dividend
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![!
Required information
[The following information applies to the questions displayed below.]
Milea Incorporated experienced the following events in Year 1, its first year of operations:
1. Received $16,500 cash from the issue of common stock.
2. Performed services on account for $45,000.
3. Paid the utility expense of $1,250.
4. Collected $30,040 of the accounts receivable.
5. Recorded $5,500 of accrued salaries at the end of the year.
6. Paid a $1,150 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 appropriate
account titles for the Retained Earnings amounts. The first transaction has been recorded as an example.
Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed.
Event
1.
2.
3.
4.
5.
6.
Totals
Cash
Assets
16,500
0
30,040
46,540
MILEA INCORPORATED
Accounting Equation
For the Year Ended December 31, Year 1
Liabilities
Salaries
Payable
Accounts
Receivable
0
=
=
=
=
=
=
X Answer is not complete.
=
0
+
+
+
+
+
+
+
+
+
Stockholders' Equity
Common Retained
Stock
Earnings
16,500
16,500
45,000
(1,250)
(5,500)
(1,150)
37,100
Account Titles for
Retained Earnings
Revenue
Utility expense
Salaries expense
Dividend
✔](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F293a004e-4ded-460a-a1bd-2ba1458fa993%2F4967bebb-d75b-48d0-a587-163abbac0f23%2F1ar7zea_processed.jpeg&w=3840&q=75)
Transcribed Image Text:!
Required information
[The following information applies to the questions displayed below.]
Milea Incorporated experienced the following events in Year 1, its first year of operations:
1. Received $16,500 cash from the issue of common stock.
2. Performed services on account for $45,000.
3. Paid the utility expense of $1,250.
4. Collected $30,040 of the accounts receivable.
5. Recorded $5,500 of accrued salaries at the end of the year.
6. Paid a $1,150 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 appropriate
account titles for the Retained Earnings amounts. The first transaction has been recorded as an example.
Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed.
Event
1.
2.
3.
4.
5.
6.
Totals
Cash
Assets
16,500
0
30,040
46,540
MILEA INCORPORATED
Accounting Equation
For the Year Ended December 31, Year 1
Liabilities
Salaries
Payable
Accounts
Receivable
0
=
=
=
=
=
=
X Answer is not complete.
=
0
+
+
+
+
+
+
+
+
+
Stockholders' Equity
Common Retained
Stock
Earnings
16,500
16,500
45,000
(1,250)
(5,500)
(1,150)
37,100
Account Titles for
Retained Earnings
Revenue
Utility expense
Salaries expense
Dividend
✔
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education