Coates Inc. experienced the following events in 2014, in its first year of opera
ID: 2570325 • Letter: C
Question
Coates Inc. experienced the following events in 2014, in its first year of operation: t Recelved $13,000 cash from the issue of common stock. 2 Performed services on account for $45,000 Paid the ubility expense of $1,150 4 Collected $32,570 of the accounts receivable. s Recorded $7,450 of accrued salaries at the end of the year 6 Paid a $850 cash dividend to the shareholders. 10.00 poins Required 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 Eanings 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.) Leaming biecive02-01 Show how Difficulty: 1 EasyLing Ojctive 02-2 2 0insExplanation / Answer
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Event Asset Liabilities Stockholders equity Cash Account receivable salaries payable common stock Retained earning Account tilte 1 13000 13000 2 45000 45000 Revenue 3 -1150 -1150 expense 4 32570 -32570 5 7450 -7450 expense 6 -850 -850 Dividend Tota; 43570 12430 7450 13000 35550