Please answer both questions completely and correctly At December 31, Flounder Corporation reports net income of $ 451,200.Prepare the entry to close net income. (List all debit entries before credit entries. Credit account titles are automatically indented whenamount is entered. Do not indent manually.)DateAccount Titles and ExplanationDebitCreditDec. 31 On May 10, Blue Spruce Corporation issues 2,050 shares of $ 10 par value common stock for cash at $ 20 per share.Journalize the issuance of the stock. (List all debit entries before credit entries. Credit account titles are automatically indented when amountIs entered. Do not indent manually.)DateAccount Titles and ExplanationDebitCreditMay 10

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At December 31, Flounder Corporation reports net income of $ 451,200. Prepare the entry to close net income. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31

At December 31, Flounder Corporation reports net income of $ 451,200. Prepare the entry to close net income. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter5: Closing Entries And The Post-closing Trial Balance

Section: Chapter Questions

Problem 6E: After all revenue and expenses have been closed at the end of the fiscal period ended December 31,...

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