Question
Can somebody help me with the following questions? 1) At September 1, 2017, Marigold Corp. reported Retained Earnings of $329940. During the month, Marigold generated
Can somebody help me with the following questions?
1) At September 1, 2017, Marigold Corp. reported Retained Earnings of $329940. During the month, Marigold generated revenues of $46800, incurred expenses of $28080, purchased equipment for $11700 and paid dividends of $4680. What is the balance in Retained Earnings at September 30, 2017?
a) $329940 debit
b) $343980 credit
c) $332280 credit
d) $18720 credit
2) Collection of a $540 Accounts Receivable
a) increases an asset $540; decreases an asset $540.
b) decreases a liability $540; increases stockholders equity $540.
c) decreases an asset $540; decreases a liability $540.
d) increases an asset $540; decreases a liability $540.
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