{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-21T19:10:23-04:00", "answer_date": "2024-05-21 19:10:23", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1470172", "url": "\/study-help\/questions\/exercise-23a-algo-effect-of-accruals-on-the-financial-statements-1470172", "question_creation_date_js": "2024-05-21T19:10:23-04:00", "question_creation_date": "May 21, 2024 07:10 PM", "meta_title": "[Solved] Exercise 2-3A (Algo) Effect of accruals o | SolutionInn", "meta_description": "Answer of - Exercise 2-3A (Algo) Effect of accruals on the financial statements LO 2-1, 2-2, 2-3 [The following information applie | SolutionInn", "meta_keywords": "exercise,2-3a,algo,effect,accruals,financial,statements,lo,2-1,2-2,2-3,information", "question_title_h1": " 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", "question_title": " Exercise 2-3A (Algo) Effect of accruals on the financial statements LO", "question_title_for_js_snippet": "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 Inc experienced the following events in Year 1, its first year of operations 1 Received $13,000 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 $39,840 of the accounts receivable 5 Recorded $9,200 of accrued salaries at the end of the year 6 Paid a $1,000 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 (If there is no effect on the Account Titles for Retained Earnings, leave the cell blank Not all cells will require input Enter any decreases to account balances with a minus sign ) MILEA INC General Ledger Accounts For the Year Ended December 31, Year 1 Assets Event Cash Accounts Receivable Liabilities Salaries Payable Stockholders' Equity Common Retained Stock Earnings Accounts Titles for Retained Earnings 1 2 3 13,000 13,000 4 5 6 Totals 13,000 0 13,000 0", "question_description": "\"image", "transcribed_text": "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 Inc. experienced the following events in Year 1, its first year of operations: 1. Received $13,000 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 $39,840 of the accounts receivable. 5. Recorded $9,200 of accrued salaries at the end of the year. 6. Paid a $1,000 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. (If there is no effect on the Account Titles for Retained Earnings, leave the cell blank. Not all cells will require input. Enter any decreases to account balances with a minus sign.) MILEA INC. General Ledger Accounts For the Year Ended December 31, Year 1 Assets Event Cash Accounts Receivable Liabilities Salaries Payable Stockholders' Equity Common Retained Stock Earnings Accounts Titles for Retained Earnings 1. 2 3 13,000 13,000 . . 4. 5 6 Totals 13,000 0 . 13,000 0", "related_book": { "title": "Intermediate Accounting", "isbn": "125972266X, 9781259722660", "edition": "9th Edition", "authors": "J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/633fd2e6b6ace_1265.jpg", "uri": "\/textbooks\/intermediate-accounting-9th-edition-1265", "see_more_uri": "" }, "free_related_book": { "isbn": "0982794630", "uri": "\/textbooks\/educating-negotiators-for-a-connected-world-volume-4-in-the-rethinking-negotiation-teaching-series-1st-edition-978-0982794630-233845", "name": "Educating Negotiators For A Connected World Volume 4 In The Rethinking Negotiation Teaching Series", "edition": "1st Edition" }, "question_posted": "2024-05-21 19:10:23", "see_more_questions_link": "\/study-help\/questions\/business-economics-2023-September-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/chemistry-for-engineering-students\/sulfur-trioxide-reacts-with-water-to-form-sulfuric-acid-a-1179774", "description": "Sulfur trioxide reacts with water to form sulfuric acid, a major contributor to acid rain. 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