Coates Inc. experienced the following events in 2014, in its first year of operation:

1. Received $12,000 cash from the issue of common stock.

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

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

4. Collected $37,850 of the accounts receivable.

5. Recorded $8,550 of accrued salaries at the end of the year.

6. Paid a $1,400 cash dividend to the shareholders.

Exercise 2-3 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. (Select "NA" if there is no effect on the "Accounts Titles for Retained Earnings". Enter any decreases to account balances with a minus sign.) General Ledger Aeeounts References .Book s Resources Ask your instructor a question Check my.work 125 points Exercise 2-3 Part b b 1. Prepare the income statement