Homework Answers
| Date | Account Titles | Debit | Credit | |
| Nov-01 | Preferred Dividend | $ 16,800 | =1400*4*3 | |
| 2020 | Common Dividend | $ 164,200 | =181000-16800 | |
| Dividend Payable | $ 181,000 | |||
| (To record declaration of dividend) | ||||
| Nov-28 | Dividend Payable | $ 181,000 | ||
| Cash | $ 181,000 | |||
| (To record payment of dividend) |
For Declaration of dividend,
Debit heads can be merged together as Cash Dividend or Retained
Earnings for $181000
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