Homework Answers
Answer: Debit Dividends; Credit cash
When a company pays dividend to stockholders then cash is going out of the company so it should be credit and being cash is going out of the company inthe form Dividends, dividend should be Debit.
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When a company pays $1,900 dividends to its stockholders, the transaction should be recorded as: Multiple...
On October 30, JumpStart pays $3,330 in dividends to its stockholders. Provide the journal entry for...
On October 30, JumpStart pays $3,330 in dividends to its stockholders. Provide the journal entry for this transaction. If an amount box does not require an entry, leave it blank. Oct. 30 Accounts Payable Accounts Receivable Cash Common Stock Retained Earnings
Clement Company paid an account payable related to a previous utility bill of $1,030. This transaction...
Clement Company paid an account payable related to a previous utility bill of $1,030. This transaction should be recorded as follows on the payment date: Multiple Choice Debit cash $1030, credit utilities expense $1030. O Debit utilities expense $1,030, credit cash $1,030. o Debit accounts payable $1,030, credit cash $1,030. o o Debit cash $1,030, credit accounts payable $1,030.
The Wagner Company acquired $500,000 cash from the issue of common stock. How would this transaction...
The Wagner Company acquired $500,000 cash from the issue of common stock. How would this transaction be recorded in the company's T-accounts? Multiple Choice 500,000 Cash Connon Stock 580,000 500.000 Cannon Stack 500,000 500.000 Connon Stock 500,000 Retained Earnings 500.000 The following transaction has been recorded in the general Journal: 15e Interest expense Interest payable How will this transaction affect the company's financial statements aller it is posted to the ledger accounts? Multiple Choice 0 C) Decreases total assets 0...
1- The following data has been collected about Keller Company's stockholders' equity accounts: Common stock $10...
1- The following data has been collected about Keller Company's stockholders' equity accounts: Common stock $10 par value 20,000 shares authorized and 10,000 shares issued, 9,000 shares outstanding $100,000 Paid-in capital in excess of par value, common stock 50,000 Retained earnings 25,000 Treasury stock 11,500 Assuming the treasury shares were all purchased at the same price, the cost per share of the treasury stock is: Multiple Choice $1.15. $1.28. $11.50. $10.50. $10.00. 2- Comfort Mattresses, Inc. sold 26,000 shares of...
Given the following transaction: Corporation paid dividends to stockholders. Required: For the transaction above, complete the...
Given the following transaction: Corporation paid dividends to stockholders. Required: 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) If Retained Eam lected, choose the reason that it has changed. Account Which account is affected? Why has Retained Earnings changed? Cash Accounts Receivable Supplies Prepaid Insurance Is the account increased or decreased? Increased Decreased Increased Decreased Increased Decreased Increased Decreased...
If a company pays dividends of $9300, stockholders' equity will be reduced by $9300. net income...
If a company pays dividends of $9300, stockholders' equity will be reduced by $9300. net income will be reduced by $9300. O retained earnings will be reduced by $9300. O both retained earnings and stockholders' equity will be reduced by $9300.
Which account is most unlikely to be credited when an expense is recorded? Multiple Choice O...
Which account is most unlikely to be credited when an expense is recorded? Multiple Choice O O Cash O O Accounts Payable Accounts Receivable An account with the word "Prepaid" in its title A prepayment of rent for the next three months (not including this month): Multiple Choice decreases stockholders' equity. O increases expenses a has no effect on total assets. reduces total assets.
(6 of 10) A company pays a $2,000 cash dividend that was declared and initially recorded...
(6 of 10) A company pays a $2,000 cash dividend that was declared and initially recorded last month. Prepare the general journal entry DEBIT: Cash for $2,000; CREDIT: Dividends for $2,000 DEBIT: Dividends for $2,000; CREDIT: Cash for $2,000 DEBIT: Dividends for $2,000; CREDIT: Dividends Payable for $2,000 DEBIT: Dividends Payable for $2,000; CREDIT: Cash for $2,000
ShaniaCo declared and paid a dividend of $11,800 this year. The entry to close Dividends at...
ShaniaCo declared and paid a dividend of $11,800 this year. The entry to close Dividends at the end of the year will include a debit to: Multiple Choice Dividends and a credit to Cash for $11,800. O Dividends and a credit to Retained Earnings for $11,800. O Retained Earnings and a credit to Dividends for $11,800. O Dividends and a credit to Dividends Payable for $11,800.
Mayan Company had net income of $33,580. The weighted-average common shares outstanding were 9,200. The company...
Mayan Company had net income of $33,580. The weighted-average common shares outstanding were 9,200. The company has no preferred stock. The company's earnings per share is: Multiple Choice $5.00 $3.71. $3.59 $1.39. $3.65 Authorized shares 28,000 Issued shares 23,000 7,500 Treasury shares The number of outstanding shares is: Multiple Choice 28,000. 35,500 23,000. 20,500. Hutter Corporation declared a $0.50 per share cash dividend on its common shares. The company has 24,000 shares authorized 11,400 shares issued, and 9,600 shares of...
On October 30, JumpStart pays $3,330 in dividends to its stockholders. Provide the journal entry for this transaction. If an amount box does not require an entry, leave it blank. Oct. 30 Accounts Payable Accounts Receivable Cash Common Stock Retained Earnings
Clement Company paid an account payable related to a previous utility bill of $1,030. This transaction should be recorded as follows on the payment date: Multiple Choice Debit cash $1030, credit utilities expense $1030. O Debit utilities expense $1,030, credit cash $1,030. o Debit accounts payable $1,030, credit cash $1,030. o o Debit cash $1,030, credit accounts payable $1,030.
The Wagner Company acquired $500,000 cash from the issue of common stock. How would this transaction be recorded in the company's T-accounts? Multiple Choice 500,000 Cash Connon Stock 580,000 500.000 Cannon Stack 500,000 500.000 Connon Stock 500,000 Retained Earnings 500.000 The following transaction has been recorded in the general Journal: 15e Interest expense Interest payable How will this transaction affect the company's financial statements aller it is posted to the ledger accounts? Multiple Choice 0 C) Decreases total assets 0...
Given the following transaction: Corporation paid dividends to stockholders. Required: 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) If Retained Eam lected, choose the reason that it has changed. Account Which account is affected? Why has Retained Earnings changed? Cash Accounts Receivable Supplies Prepaid Insurance Is the account increased or decreased? Increased Decreased Increased Decreased Increased Decreased Increased Decreased...
If a company pays dividends of $9300, stockholders' equity will be reduced by $9300. net income will be reduced by $9300. O retained earnings will be reduced by $9300. O both retained earnings and stockholders' equity will be reduced by $9300.
Which account is most unlikely to be credited when an expense is recorded? Multiple Choice O O Cash O O Accounts Payable Accounts Receivable An account with the word "Prepaid" in its title A prepayment of rent for the next three months (not including this month): Multiple Choice decreases stockholders' equity. O increases expenses a has no effect on total assets. reduces total assets.
(6 of 10) A company pays a $2,000 cash dividend that was declared and initially recorded last month. Prepare the general journal entry DEBIT: Cash for $2,000; CREDIT: Dividends for $2,000 DEBIT: Dividends for $2,000; CREDIT: Cash for $2,000 DEBIT: Dividends for $2,000; CREDIT: Dividends Payable for $2,000 DEBIT: Dividends Payable for $2,000; CREDIT: Cash for $2,000
ShaniaCo declared and paid a dividend of $11,800 this year. The entry to close Dividends at the end of the year will include a debit to: Multiple Choice Dividends and a credit to Cash for $11,800. O Dividends and a credit to Retained Earnings for $11,800. O Retained Earnings and a credit to Dividends for $11,800. O Dividends and a credit to Dividends Payable for $11,800.
Mayan Company had net income of $33,580. The weighted-average common shares outstanding were 9,200. The company has no preferred stock. The company's earnings per share is: Multiple Choice $5.00 $3.71. $3.59 $1.39. $3.65 Authorized shares 28,000 Issued shares 23,000 7,500 Treasury shares The number of outstanding shares is: Multiple Choice 28,000. 35,500 23,000. 20,500. Hutter Corporation declared a $0.50 per share cash dividend on its common shares. The company has 24,000 shares authorized 11,400 shares issued, and 9,600 shares of...
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