Exercise $1-15$A $($Algo$)$ Preparing an income statement and a balance sheet LO $1-7$

Majka Company was started on January $1,$ Year $1.$ During Year $1,$ the company experienced the following accounting events: $(1)$ issued $52,000$ worth of common stock $(2)$ earned cash revenues of $$34,300,(3)$ paid cash expenses of $$15,100,$ and $(4)$ paid a $$3,400$ cash dividend to its stockholders. These were the only events that affected the company during Year $1.$

Required

a$.$ 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 $1,$ fort Majka Company.

Complete this question by entering your answers in the tabs below.

Required $A$

Required B Inc

Required B

Stmt

Stmt of

Required B Bal Changes

Sheet

Record the effects of each accounting event under the appropriate general ledger account headings.

Note: Enter any decreases to account balances with a minus sign.

MAJKA COMPANY

Accounting Equation for Year $1$