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Majka Company was started on January 1, Year 1. During Year 1, the company experienced the following accounting events: (1) Issued 52,100 worth of common
Majka Company was started on January 1, Year 1. During Year 1, the company experienced the following accounting events: (1) Issued 52,100 worth of common stock (2) earned cash revenues of $29,800, (3) paid cash expenses of $13,600, and (4) paid a $1,900 cash dividend to its stockholders. These were the only events that affected the company during Year 1. Required a. Record the effects of each accounting event under the appropriate general ledger account headings. b. Prepare an income statement, statement of changes in stockholders equity, and a balance sheet dated December 31, Year 1, for Majka Company
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