... Exercise 2-3A (Algo) Part a Saved Sign-up or Login t... Required information 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 $14,000 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 $37,130 of the accounts receivable. 5. Recorded $7,400 of accrued salaries at the end of the year. 6. Paid a $1,200 cash dividend to the stockholders. Copy of SRMUN C... BUAD 332 FIN He

Required information 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 $14,000 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 $37,130 of the accounts receivable. 5. Recorded $7,400 of accrued salaries at the end of the year. 6. Paid a $1,200 cash dividend to the stockholders. 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. Note: Enter any decreases to acunt balances and cash outflows with a minus sign. Leave cells blank if no input is needed