Mune Company Essay

Mune Company recorded journal entries for the declaration of $50,000 of dividends, the $32,000 increase in accounts due for services rendered, and the purchase of equipment for $21,000. What net order do these entries have on equity? Decrease of $18,000.Maso Company recorded journal entries for the issuance of unexceptional shares for $40,000, the payment of $13,000 on accounts payable, and the payment of salaries expense of $21,000. What net effect do these entries have on equity? Increase of $19,000.During the first year of Wilkinson Co.s operations, all purchases were recorded as assets. Store supplies in the amount of $19,350 were purchased. certain year-end store supplies amounted to $6,450. The adjusting main course for store supplies will increase expenses by $12,900.Panda Corporation paid cash of 18,000 on June 1, 2010 for one years rent in advance and recorded the transaction with a debit to Prepaid Rent. The December 31, 2010 adjusting entry is debit Rent put down an d credit Prepaid Rent, 10,500.Recording the adjusting entry for depreciation has the same effect as recording the adjusting entry for a prepaid expense. An accrued expense can best be described as an amount not paid and currently matched with earnings.A document prepared to prove the comparison of debits and credits after all adjustments have been prepared is the Adjusted mental test balance.Under International Financial Reporting Standards (IFRS) the book of original entry is also known as the Journal