Check my Required information Exercise 2-3A Effect of accruals on the financial statements LO 2-1, 2-2, 2-3 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 $14,000 cash from the issue of common stock. 2. Performed services on account for $45,000. 3. Paid the utility expense of $1,150. 4. Collected $39,480 of the accounts receivable. 5. Recorded $6.900 of accrued salaries at the end of the year. 6. Paid a $950 cash dividend to the stockholders. Exercise 2-3A Parta 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.) Prev 1 2 of 4 !!! Next > arch o C 2. INCLUIU Cves in generaricayci accouTLS UIUC, OTOCCOUNTg equauunt. IT WTC last corum Oruc ta account titles for the Retained Earnings amounts. The first transaction has been recorded as an example. (Se effect on the "Accounts Titles for Retained Earnings". Enter any decreases to account balances with a min MILEA, INC. General Ledger Accounts For the Year Ended December 31, Year 1 Assets Liabilities Stockholders' Equity Accounts Salaries Common Retained Cash Receivable Payable Stock Earnings 14,000 14,000 + Event Accounts Titles for Retained Earnings + 1 II 2. + + + + 11 11 4. 5 + 6 + 11111 Totals 14,000 0 + 14,000 0