The Armond Company records these journal entries: Issue Common Stock for Cash $200 Accrued Expense $55...

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The Armond Company records these journal entries: Issue Common Stock for Cash $200 Accrued Expense $55 Receive income in advance of performing the service $29 Required: 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) EA 6 69 a) Net Income b) Total Assets c) Total Liabilities d) Retained Earnings e) Total Equity f) Working Capital $ $ SA The Armond Company records these journal entries: Issue Common Stock for Cash $200 Accrued Expense $55 Receive income in advance of performing the service $29 Required: 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) EA 6 69 a) Net Income b) Total Assets c) Total Liabilities d) Retained Earnings e) Total Equity f) Working Capital $ $ SA

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a Net Income Effect 55 Decrease Explanation The accrued expense of 55 is a decrease in net income b ... View the full answer