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Hornet Co. pays monthly salaries, $1,200.

For the transaction above, complete the following:

(a)Select the accounts that are affected (there will be at least two).

(b)Are the selected accounts increased or decreased?

(c)What is the dollar amount of change in the accounts?

(d)If Retained Earnings is selected, choose the reason that it has changed.

.

Account
Which accounts are affected?
Is the account increased or decreased?
What is the amount of transaction?
Why has Retained Earnings changed?

Cash

Increase
$
Decrease
Accounts Receivable

Increase
$
Decrease
Supplies

Increase
$
Decrease
Tools

Increase
$
Decrease
Accounts Payable

Increase
$
Decrease
Capital Stock

Increase
$
Decrease
Retained Earnings

Increase
$
Choose OneRevenueExpenseDividends 
Decrease

Answer & Explanation
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