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At the beginning of April, Owl Corporation has a balance of $11,900 in the Retained Earnings account. During the month of Apr
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Answer #1
Transaction Balance
Retained earnings, April 1 $11,900
Issue common stock for cash, $12,000 -
Provide services to customers on account, $7,400 $7,400
Provide services to customers in exchange for cash, $2,100 $2,100
Purchase equipment and pay cash, $6,500 -
Pay rent for April, $1,300 ($1,300)
Pay employee salaries for April, $2,400 ($2,400)
Pay dividends to stockholders, $1,450 ($1,450)
Retained earnings, April 30 $16,250

Net income (loss) has direct impact on retained earnings, all the cases above have direct impact on net income and helps in calculate the ending balance of Retained earnings.

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