Please let me know if I am any bit correct. My answers are bolded and underlined. The Gallow Company Records these journal entries:

Please let me know if I am any bit correct.. My answers are bolded and underlined.

The Gallow Company Records these journal entries:

Issue Common Stock for Cash    $40

Accrued Revenue            $12

Earned portion of Unearned Revenue    $17

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)

a) Net Income $29 Increase

b) Total Assets $40 Increase

c) Total Liabilities $17 Decrease

d) Retained Earnings $29 Increase

e) Total Equity $69 Increase

f) Working Capital $52 Increase

Please let me know if I am any bit correct.. My answers are bolded and underlined.