Question Completion Status: QUESTION 9 A liability is incurred when income is earned because income tax expense is created by earning income True False QUESTION 10 5 pe West Company declared a $0.50 per share cash dividend. The company has 190,000 shares issued, and 10,000 shares in treasury stock. The journal entry to record the dividend declaration is: Debit Retained Earnings $5,000; credit Common Dividends Payable $5,000. Debit Retained Earnings $90,000; credit Common Dividends Payable $90,000. Debit Common Dividends Payable $90,000; credit Cash $90,000. Debit Retained Earnings $95,000; credit Common Dividends Payable $95,000. Debit Common Dividends Payable $95,000; credit Cash $95,000 QUESTION 11 5 pol A capital deficiency means that: The partnership has been sold at a loss. The partnership has a loss. A partner has a debit balance in her capital account. The partnership has more liabilities than assets. A partner has a credit balance in her capital account. Save All Answers