Exercise $2-3$A $($Algo$)$ Effect of accruals on the financial statements LO $2-1,2-2,2-3$

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Milea Incorporated experienced the following events in Year $1,$ its first year of operations:

Received $$13,000$ cash from the issue of common stock.

Performed services on account for $$45,000.$

Paid the utility expense of $$1,100.$

Collected $$31,310$ of the accounts receivable.

Recorded $$7,400$ of accrued salaries at the end of the year.

Paid a $$1,050$ cash dividend to the stockholders.

Exercise $2-3$A $($Algo$)$ Part a

Required:

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.