questions 10, 11

10. XYZ Retail declares (and pays) cash dividends of $150,000 in 2019. What effect does declaring and paying the cash dividend have on the assets and equity of XYZ Retail? 11. After closing all revenue and expense accounts a business has a debit balance in the Income Summary account of $14,000. Prepare the entry the business would make on 12/31/19 to close the Income Summary account