Majka Company was started on January 1, 2016. During 2016, the company experienc

Question

Majka Company was started on January 1, 2016. During 2016, the company experienced the following three accounting events: (1) eaned cash revenues of $34,300, (2) paid cash expenses of $15,100, and (3) paid a $3,400 cash dividend to its stockholders. These were the only events that affected the company during 2016. Required a. Record the effects of each accounting event under the appropriate general ledger account headings. (Enter any decreases to account balances with a minus sign.) MAJKA COMPANY Accounting Equation for 2016 Assets -Liabilities Stockholde Cash rs' Equity Event Common+ Retained Earnings Stock Ending balance statement statement of changes in stockholders' equity, and a balance sheet dated December 31 2016, for Majka Company JKA COMPANY

Explanation / Answer

a.

b. Income Statement:

Statement of changes in stockholders' equity :

Balance Sheet:

Majka Company Accounting Equation for 2016 Assets = Liabilities + Stockholders Equity Event Cash Common Stock Retained Earnings 1. 34,300 34,300 2. -15,100 -15,100 3. -3,400 -3,400 Balance 15,800 15,800

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