Exercise 2-3A (Algo) Effect of accruals on the financial statements LO 2-1, 2-2, 2-3

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Milea Incorporated experienced the following events in Year 1, its first year of operations:

1. Received $13,500 cash from the issue of common stock.
2. Performed services on account for $45,000.
3. Paid the utility expense of $1,050.
4. Collected $35,360 of the accounts receivable.
5. Recorded $7,500 of accrued salaries at the end of the year.
6. Paid a $1,300 cash dividend to the stockholders.