. [The following information applies to the questions displayed below.] Milea Inc. experienced the following events in...
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[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 $13,500 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 $36,670 of the accounts receivable. 5. Recorded $7,350 of accrued salaries at the end of the year. 6. Paid a $1,450 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. (Select "NA" if there is no effect on the "Accounts Titles for Retained Earnings". Enter any decreases to account balances with a minus sign.) Event 1. 2. 3. 4. 5. 6. Totals Cash Assets 13,500 (1,450) 12,050 MILEA, INC. General Ledger Accounts For the Year Ended December 31, Year 1 Accounts Receivable = Liabilities + Stockholders' Equity Common Retained Stock Earnings 13,500 = = = = = = 0 = Salaries Payable + + + + + + + 0 + 13,500 Accounts Titles for Retained Earnings 45,000 Revenue 45,000 Utility expense [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 $13,500 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 $36,670 of the accounts receivable. 5. Recorded $7,350 of accrued salaries at the end of the year. 6. Paid a $1,450 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. (Select "NA" if there is no effect on the "Accounts Titles for Retained Earnings". Enter any decreases to account balances with a minus sign.) Event 1. 2. 3. 4. 5. 6. Totals Cash Assets 13,500 (1,450) 12,050 MILEA, INC. General Ledger Accounts For the Year Ended December 31, Year 1 Accounts Receivable = Liabilities + Stockholders' Equity Common Retained Stock Earnings 13,500 = = = = = = 0 = Salaries Payable + + + + + + + 0 + 13,500 Accounts Titles for Retained Earnings 45,000 Revenue 45,000 Utility expense
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Differential Equations and Linear Algebra
ISBN: 978-0131860612
2nd edition
Authors: Jerry Farlow, James E. Hall, Jean Marie McDill, Beverly H. West
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