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Valmont, Inc, experienced the following events in 2012, in its first year of operation.

1. Received $26,000 cash from the issue of common stock.

2. Performed services on account for $46,000.

3. Paid the utility expense of $4,100.

4. Collected $42,000 of the accounts receivable.

5. Recorded $8,600 of accrued salaries at the end of the year.

6. Paid a $2,600 cash dividend to the shareholders.

Required:

Record the events in general ledger accounts under an accounting equation.

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General Ledger Accounts for the Year Ended December 31, 2012, is shown below:

Event	Assets			=	Liabilities	+	Stockholders' equity
	Cash	+	Accounts receivable	=	Salaries pay	+	Common stock	+	Retained earnings
	Cash	+	Accounts receivable	=	Salaries pay	+	Common stock	+	Revenue	-	Expesnes
1	26,000	+	0	=	0	+	26,000	+	0	-	0
2	0	+	46,000	=	0	+	0	+	46,000	-	0
3	-4,100	+	0	=	0	+	0	+	0	-	4,100
4	42,000	+	-42,000	=	0	+	0	+	0	-	0
5	0	+	0	=	8,600	+	0	+	0	-	8,600
6	-2,600	+	0	=	0	+	0	+	0	-	2,600
Total	61,300	+	4,000	=	8,600	+	26,000	+	46,000	-	15,300

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