Majka Company was started on January 1, Year 1. During Year 1, the company experienced the...

 

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Majka Company was started on January 1, Year 1. During Year 1, the company experienced the following accounting events: (1) Issued 52,800 worth of common stock (2) earned cash revenues of $31,300, (3) paid cash expenses of $14,100, and (4) paid a $2,400 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, for Majka Company. Majka Company was started on January 1, Year 1. During Year 1, the company experienced the following accounting events: (1) Issued 52,800 worth of common stock (2) earned cash revenues of $31,300, (3) paid cash expenses of $14,100, and (4) paid a $2,400 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, for Majka Company.