Robert Coles Sun, Jan 13, 2013 @ 07:01 AM. If Internet memes have taught us anything, it's that there are plenty of ways to waste time, be it at work, at home on the couch, or on Facebook at a restaurant.
Retained earnings and stockholders' equity are decreased by a per-share cash dividend that is paid on common and preferred shares of stock, and not on shares of repurchased or treasury stock.
1 Debit all revenue accounts and credit the income summary account, thereby clearing out the balances in the revenue accounts. 2  Credit all expense accounts and debit the income summary account, thereby clearing out the balances in all expense accounts. 3  Close the income summary account to the retained earnings account.