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Limelight Company records these journal entries: Prepaid insurance expired ...

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Accounting

Limelight Company records these journal entries:

Prepaid insurance expired

$53

Accrued rent expense

$28

Salaries previously accrued are paid

$27

Common stock is issued for cash

$35

Required for Section 2:

Indicate the net effect of these journal entries (i.e., combined effect of all four journal entries) on the following items. Indicate the dollar amount of the net effect and the direction of the net effect. (Example: $13 Increase, or $8 Decrease, or No Effect.) Hint: Prepare the journal entries.

  1. Net Income
  2. Total Assets
  3. Total Liabilities
  4. Retained Earnings
  5. Total Equity
  6. Working Capital

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