Record the effects of each accounting event under the appropriate general ledger account headingsMajka Company was started
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Question:
Record the effects of each accounting event under the appropriate general ledger account headingsMajka Company was started on January 1, 2016. During 2016, the company experienced the following three accounting events: (1) earned cash revenues of $33,700, (2) paid cash expenses of $14,900, and (3) paid a $3,200 cash dividend to its stockholders. These were the only events that affected the company during 2016.
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, 2016, for Majka Company.
Related Book For
Fundamental Financial Accounting Concepts
ISBN: 978-0078025907
9th edition
Authors: Thomas Edmonds, Christopher Edmonds
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