Labrador Inc. has the following information available for the current year: Net Sales $750,000 Bad Debt Expense 60,000 Accounts Receivable, Beginning of Year 120,000 Accounts Receivable, End of Year 55,000 Allowance For Doubtful Accounts, Beginning
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Mijka Company was started on January 1, 2018. During 2018, the company experienced the following three accounting events: (1) earned cash revenues of $34,600, (2) paid cash expenses of $15,200, and (3) paid a $3,500 cash dividend to its stockholders.
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Journalize the entry to transfer net income to retained earnings for Wedgewood Corporation if revenues for the most recent fiscal year were $2,100,000, expenses were $1,380,000, and dividends declared were $200,000.
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