Question

Required information

[The following information applies to the questions displayed below.]

Milea Inc. experienced the following events in 2018, its first year of operations:

1. Received $15,500 cash from the issue of common stock.
2. Performed services on account for $45,000.
3. Paid the utility expense of $1,300.
4. Collected $31,530 of the accounts receivable.
5. Recorded $8,700 of accrued salaries at the end of the year.
6. Paid a $1,250 cash dividend to the stockholders.

Required

1. 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 Ledger Accounts For the Year Ended December 31, 2018 Assets = Liabilities + Stockholders' Equity Accounts Salaries Common Retained Cash Receivable Payable Stock Earnings 15,500 15,500 Accounts Titles for Retained Earnings Event + NA + + + + + Totals +

Answer 1

common Retained stock NA Answer: |a) Milea. ine General Ledgey Accounts for the year ended 31 Dec, 2018 Event Assets Liabilities - stock holders equilt Retained earings cash account salaries Receivable payables Earnings i $15.500 + $15,500 2 - $45000 - $ 45,000 service Revenue 3 $1300 -$1,300 Uhilily Expense $31530 - $31530 - NA - - $8,700 -$8,700 salaries Expenses 6 $1950 -$1,250 Dividends Totals 444,480 $1347015 $8,700 1 + $15,500 $33,750