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Milea Inc. experienced the following events in Year 1, its first year of operations: 1. Received $16,500 cash from the issue of common stock 2.
Milea Inc. experienced the following events in Year 1, its first year of operations: 1. Received $16,500 cash from the issue of common stock 2. Performed services on account for $45,000. 3. Paid the utility expense of $1,000. 4. Collected $37,060 of the accounts receivable. 5. Recorded $9,150 of accrued salaries at the end of the year. 6. Paid a $1,450 cash dividend to the stockholders. Required a. Record the events in general ledger accounts under an accounting equation. In the last column of the table, provide appropriate es for the Retained Earnings amounts. The first transaction has been recorded as an example. (Select "NA" if there is no effect on the "Acco unts Titles for Retained Earnings". Enter any decreases to account balances with a minus sign) MILEA, INC. General Ledger Accounts For the Year Ended December 31, Year 1 Assets LiabilitiesStockholders' Equity Retained Stock Earnings Event Accounts Titles for Retained Earnings Accounts Recelvableaaries Common Cash Payable 16,500 16,500 2 3
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