Exercise 2-3A (Algo) Effect of accruals on the financial statements LO 2-1, 2-2, 2-3 [The following information applies to the questions displayed below.) Milea Incorporated experienced the following events in Year 1, its first year of operations: 1. Received $14,500 cash from the issue of common stock. 2. Performed services on account for $45,000. 3. Paid the utility expense of $1,400. 4. Collected $33,580 of the accounts receivable. 5. Recorded $5,100 of accrued salaries at the end of the year. 6. Paid a $800 cash dividend to the stockholders. Exercise 2-3A (Algo) Part a 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. (Not all cells require input. Enter any decreases to account balances with a minus sign.) MILIA, INCORPORATED General Ledger Accounts For the Year Ended December 31, Year 11 Assets Liabilities Event Cash Accounts Receivable Salaries Payable Stockholders' Equity Common Retained Stock Account Titles for Retained Earnings Earnings 1. 2. 14,500 + 14,500 3. 4. 5. 6. Totals