Horne) 2012.1BC + ×ve) 2012.iec.kee) sustaenaber xeecoonvx https//newconnectmhed
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Horne) 2012.1BC + ×ve) 2012.iec.kee) sustaenaber xeecoonvx https//newconnectmheducat html Help Save ne Graded Homework Mjka Company was started on January 1, 2018 During 2018, the company experienced the following three accounting events: (1) earned cash revenues of S34000, (2) paid cash expenses of $15,000, and (39 paid a S3,300 cash dmend to its stockholders These were the only events that affected the company during 2018 Required a. Record the effects of each accounting event under the appropriate general ledger account headings b. Prepare an income statement, statement of changes in stockholders equity, and a balance sheet dated December 31, 2018, for Mjka Company Complete this question by entering your answers in the tabs below ReaB Ic Reg 8 Chg SE Sheet Reg 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.) Accounting Equation for 2018 Assets LiabilitiesStockholders' Equity Cash Eveet Er2of 9 Score.answer >Explanation / Answer
Answer
Transaction no
Asset
=
Liabilities
+
Stockholders' Equity
Cash
=
Common Stock
+
Retained Earnings
1
34000
=
0
+
0
+
34000
2
-15000
=
0
+
0
+
-15000
3
-3300
=
0
+
0
+
-3300
Ending Balance
15700
=
0
+
0
+
15700
Income Statement
Revenues
34000
Total Revenues
34000
Expenses
15000
Total Expenses
15000
Net Income
19000
Statement of Change in Equity
Common Stock
Retained Earning
Opening Balance
0
0
Add: Net Income
0
19000
Less: Dividend
-3300
Closing Balance
0
15700
Balance Sheet
A. Equity
Common Stock
0
Retained Earnings
15700
Total
15700
B. Liabilities
0
Total Equity & Liabilities
15700
C. Assets
Cash
15700
Total Assets
15700
Transaction no
Asset
=
Liabilities
+
Stockholders' Equity
Cash
=
Common Stock
+
Retained Earnings
1
34000
=
0
+
0
+
34000
2
-15000
=
0
+
0
+
-15000
3
-3300
=
0
+
0
+
-3300
Ending Balance
15700
=
0
+
0
+
15700
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