ok Exercise 2-3A (Algo) Effect of accruals on the financial statements LO 2-1, 2-2, 2-3 [The following information applies to the questions displayed below.) 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 $1,450. 4. Collected $39,140 of the accounts receivable. 5. Recorded $5,150 of accrued salaries at the end of the year. 6. Paid a $1,000 cash dividend to the stockholders. nt ences Exercise 2-3A (Algo) Part a 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. (If there is no effect on the Account Titles for Retained Earnings, leave the cell blank. Not all cells will require input. Enter any decreases to account balances with a minus sign.) es 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. (If there is no effect on the Account Titles for Retained Earnings, leave the cell blank. Not all cells will require input. Enter any decreases to account balances with a minus sign.) MILEA INC. General Ledger Accounts For the Year Ended December 31, Year 1 Assets Liabilities + Event Cash Accounts Receivable Salaries Payable + 1. 2. 16,500 + Stock 16,500 Stockholders' Equity Common Retained Earnings Accounts Titles for Retained Earnings 3. 4. 5. 6. Totals + +