Miles 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 $1,050

4. Collected $34,530 of the accounts receivable

5. Recorded $7,350 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 account titles for the Retained Earnings amounts. The first transaction has been recorded as an example. (Select "NA" if there is no effect on the "Accounts Titles for Retained Earnings". Enter any decreases to account balances with a minus sign.) Accounting equation For the Year Ended December 31, Year 1 Liabilities Common Retained Retained Earnings 16,500 16,500