Net income?AccountsDebitCredit(OMR)(OMR)Cash120,000Capital100,000Prepaid insurance5600Salary expense1000Service Revenue21000Commission revenue41000Machinery12400Automobiles16400Wages expense1200Utilities expense1500Miscellaneous expense 500Rent expense600Retained earningsAdvertising expense4000Dividend10000Note payableShort term loanInterest PayableAccounts receivable21200Furniture3000Long term Loan1974001120010000108004003000197400

Dividend does not effect the profit and loss account. It's impact shareholders equity section.…

Net income? Accounts Debit Credit (OMR) Cash Capital 100,000 Prepaid insurance Salary expense Service Revenue 21000 Commission revenue 41000 Machinery Automobiles Wages expense (OMR) 120,000 5600 1000 12400 16400 1200

Net income? Accounts Debit Credit (OMR) Cash Capital 100,000 Prepaid insurance Salary expense Service Revenue 21000 Commission revenue 41000 Machinery Automobiles Wages expense (OMR) 120,000 5600 1000 12400 16400 1200

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter1: Introduction To Accounting And Business

Section: Chapter Questions

Problem 4E: Accounting equation The total assets and total liabilities (in millions) of McDonalds Corporation...

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