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Having trouble on these ones 5) Big mouth frog corporation had revenues of $200,000, expenses of $120,000, and dividends of $30,000. When income summary is
Having trouble on these ones 5) Big mouth frog corporation had revenues of $200,000, expenses of $120,000, and dividends of $30,000. When income summary is closed the retained earnings, the ammount of the debit or credit to the retaind earning is? 6) Pappy corporation received cash of $13,500 on september 1,2010 for one years rent advance and recorded the transaction with a credit to Unearned rent. The december 31,2010 adjusting entry is? 7) Mune company recorded journal entries for the declaration of $50,000 of dividends, $32,000 increase in accounts receivable for services rendered, and the purchased of equipment for $21,000. What net effect do these entries have on owners equity? 8) Panda corporation paid cash of $18,000 on june 1,2010 for one year rent in advance and recorded the transaction with a debit of prepaid rent. The december 31,2010 adjusting entry is 9) During the first year of Wikinson Co operation all putchases were recorded as assets. Store supplies in the amount of $19,350 were purchased. Actual year end store supplies amounted to $6,450. The adjusting entry for store supplies will be
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