Milea Incorporated experienced the following events in Year 1, its first year of operations: Received $16,500 cash from the issue of common stock. Performed services on account for $45,000. Paid the utility expense of $1,050. Collected $36,060 of the accounts receivable. Recorded $7,200 of accrued salaries at the end of the year. Paid a $800 cash dividend to the stockholders.

Required:

a. Record the events in 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 account balances with a minus sign. Not all cells require an input - leave cells blank if there is no corresponding Retained Earnings input needed

Event Cash Accounts Receivable Salaries Payable Common Stock Retained Earnings Account Titles for Retained Earnings