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Please let me know if I am any bit correct.. My answers are bolded and underlined.
The Gallow Company Records these journal entries:
Issue Common Stock for Cash $40
Accrued Revenue $12
Earned portion of Unearned Revenue $17
Indicate the net effect of these journal entries on the following items. Indicate the dollar amount of the effect and the direction of the effect. (Example: $13 Increase, or $8 Decrease, or NO EFFECT)
a) Net Income $29 Increase
b) Total Assets $40 Increase
c) Total Liabilities $17 Decrease
d) Retained Earnings $29 Increase
e) Total Equity $69 Increase
f) Working Capital $52 Increase
Please let me know if I am any bit correct.. My answers are bolded and underlined.
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