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Milea Incorporated experienced the following events in Year 1 , its first year of operations: 1. Received $14,500 cash from the issue of common stock.
Milea Incorporated experienced the following events in Year 1 , its first year of operations: 1. Received $14,500 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 $36,630 of the accounts receivable. 5. Recorded $9,850 of accrued salaries at the end of the year. 6. Paid a $1,150 cash dividend to the stockholders. Exercise 2-3A (Algo) Part a Required 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. (Not all cells require input. Enter any decreases to account balances with a minus sign.)
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