First of all, I have to clarify that I do not provide bookkeeping service. Through the years, I have forgotten most of the debit/credit journal entries that I learned in college. Therefore, I am going to ask two very basic journal entries questions here. Please be bear with me.
(1) When a shareholder takes salary from a S-corp, do we credit 'cash account' and debit 'wage expense'?
(2) When a shareholder takes distribution from a S-corp, do we credit 'cash account' and debit 'retained earnings'?