Question

omework #40 Help Save & Exit Submit Check my work Required information [The following information applies to the questions displayed below) Part 1 of 2 Milea Inc, experienced the following events in 2018, 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. Pald the utility expense of $1,450. 4. Collected $32.670 of the accounts receivable. 5. Recorded $7,200 of accrued salaries at the end of the year. 6. Paid a $950 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) MILEA INC General Ledged Accounts For the Year Ended December 31, 2018 Liabilities - Stockholders' Equity Accounts Salaries Common Retained Receivable Payable Accounts Titles for Retained Earnings Event Cash

Answer 1

	Assets		Liabilities	Stockholders' Equity		Account Titles for Retained Earnings
	Cash	Accounts Receivable	Salaries Payable	Common Stock	Retained Earnings
1	14500			14500		NA
2		45000			45000	Service Revenue
3	-1450				-1450	Utility expense
4	32670	-32670				NA
5			7200		-7200	Salaries expense
6	-950				-950	Dividend
Totals	44770	12330	7200	14500	35400