The adjusting entry which records the use of a Prepaid Expense has what effect on the following? Select one: O a Net Income Decrease O b. Net Income Decrease Oc. Net In O d. Net Income Working Capital Decrease Working Capital Increase Working Capital Retained Eamings Decrease Working Capital No effect Retained Earnings Decrease Red Farming No affect No effect Retained Eamings Decrease O e Net Income No effect Working Capital Decrease Retained Camings Increase The Hilton Head Company made the following journal entries and adjusting journal entries at 12/31: Dividend declared $600 Expiration of Prepaid Insurance $1,000 Accrual of Wages Payable $700 The effect of the three journal entries on Net Income is a decrease of Select one: O a $1,000 O b. $1,700 O c. $1,300 O d. $2,300 O e $1,600 Yingst Corporation collects $200 cash for a previously accrued revenue and accrues $300 for a new expense. What is the effect of these two recordings an: Select one: O a Totalibilit Increase by $100 O b. Total Liabilities Increase by $300 Oc.T Increase by $200 Od. Total Liabilities Increase by $300 Oe Total Liabilities Increase by $250 Net Income Decrease by $600 Net Income Decrease by $300 Not Decrease by $200 Net Income Decrease by $100 Net Income Decrease by $100 The trial balance for Greenway Corporation appears as follows: Greenway Corporation Trial Balance December 31 Cash Accounts Receivable Prep Supplies $300 500 60 140 Office Lauement . 4,000 $ 100 Accounts Payable Common Stock Retained Earrings at 1/1 Service Revenue 300 1,000 1,400 3,000 Salaries Expense 1,000 Rent Expanse 500 $6,500 $6,500 If, on December 31, supplies on hand were $30, the adjusting entry would contain ac Select one: O a debit to Supplies for $30 O b. credit to Supplies for $30 O c. debit to Supplies Expense for $110 O d. credit to Supplies Expense for $110