Homework Answers
The correct answer is Retained earnings and a credit to dividends for $11,800
To close the dividend account at the year end we will debit the
retained earnings and credit the same to Dividends. The retained
earnings are used to pay dividends. When dividends are paid the
balance of retained earnings are reduced.
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ShaniaCo declared and paid a dividend of $11,800 this year. The entry to close Dividends at...
Boston Enterprises declared and paid a dividend of $11,200 this year. The entry to close the...
Boston Enterprises declared and paid a dividend of $11,200 this year. The entry to close the Dividend at the end of the year will include a debit to: Multiple Choice O Dividends and a credit to Dividends Payable for $11,200. O Dividends and a credit to Retained Earnings for $11,200. O Retained Earnings and a credit to Dividends for $11,200. C Dividends and a credit to Cash for $11,200.
Boston Enterprises declared and paid a dividend of $10,000 this year. The entry to close the...
Boston Enterprises declared and paid a dividend of $10,000 this year. The entry to close the Dividend at the end of the year will include a debit to: Multiple Choice O Dividends and a credit to Retained Earnings for $10,000. Dividends and a credit to Dividends Payable for $10,000. O Dividends and a credit to Cash for $10,000. Retained Earnings and a credit to Dividends for $10,000, The balance of which of the following accounts appears in the credit column...
AlfordCo paid $11,800 in advance for six months of rent. What journal entry will AlfordCo prepare...
AlfordCo paid $11,800 in advance for six months of rent. What journal entry will AlfordCo prepare to record this transaction? Multiple Choice Debit Cash and credit Deferred Rent for $11,800 Debit Rent Expense and credit Cash for $11,800 O O Debit Prepaid Rent and credit Cash for $11,800 Debit Cash and credit Prepaid Rent for $11,800
Mapleleaf Industries declared a $0.75 per share cash dividend. The company has 120,000 shares authorized, 49,000...
Mapleleaf Industries declared a $0.75 per share cash dividend. The company has 120,000 shares authorized, 49,000 shares issued, and 46,000 shares of common stock outstanding. What is the journal entry to record the dividend declaration? Multiple Choice Ο O Debit Dividends Payable and credit Cash for $36,750 Ο Debit Dividends and credit Dividends Payable for $36.750, Ο Debit Dividends and credit Dividends Payable for $34.500 Ο O Debit Dividends Payable and credit Cash for $90.000 A company issued 8% preferred...
The Retained Earnings balance was $64120 on January 1. Net income for the year was $50,680....
The Retained Earnings balance was $64120 on January 1. Net income for the year was $50,680. If Retained Earnings had a credit balance of $66,640 after closing entries were made for the year, and if additional stock of $14.560 was issued during the year, what was the amount of dividends declared during the year? Multiple Choice Ο 536,400 Ο 566.360 Ο $48.100 Ο Mapleleaf Industries declared a $0.75 per share cash dividend. The company has 120,000 shares authorized, 49,000 shares...
1. Close Revenue Accounts 2. Close expense accounts. 3. Close dividends account. Credit Debit 11,800 163,000...
1. Close Revenue Accounts
2. Close expense accounts.
3. Close dividends account.
Credit Debit 11,800 163,000 6,300 38,000 430,000 Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation equipment Accounts payable Notes payable-due in three months Salaries payable Interest payable Common stock Retained earnings Dividends Sales revenue Costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 138,000 43,000 43,000 5,300 16,800 265,000 78,600 14,500 530,000 245,000 133,000 28,000 43,000 3,300 3,800 1,119,700 1,119,700
On the date of payment for a cash dividend, what journal entry is required? O A....
On the date of payment for a cash dividend, what journal entry is required? O A. Debit Retained Earnings and credit Dividends Payable O B. Debit Dividends and credit Retained Earnings OC. Debit Dividends Payable and credit Cash OD. Debit Cash and credit Dividends Payable
Record the entry to close the dividends account. Record the entry to close the expense accounts...
Record the entry to close the dividends account.
Record the entry to close the expense accounts using the
retained earnings account.
I only need help with those two part thank you!!
Credits Debits 28,700 18, see 31,00 Account Title Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Total 9, 3ee 10, see 49, see 9,400 77, 7ee 77,700 The following is a summary of the transactions for the year: a. Service revenue, $134,000, of which $40,200...
cash dividends can be paid only when: 11. Cash dividends can be paid only when: A)...
cash dividends can be paid only when:
11. Cash dividends can be paid only when: A) the retained earnings account has a positive balance greater than the dividend. B) the cash account has a balance greater than the amount of the dividend declared. C) the board of directors has declared the dividend. D) all of the above. 12. On February 16, a company declares a 34€ dividend to be paid on April 5. There are 2 million shares of common...
Question 9 6 The journal entry to record the declaration of a cash dividend would include...
Question 9 6 The journal entry to record the declaration of a cash dividend would include a: debit to Retained Earnings debit to Dividend Expense debit to Dividends Payable credit to Cash Ne
Boston Enterprises declared and paid a dividend of $11,200 this year. The entry to close the Dividend at the end of the year will include a debit to: Multiple Choice O Dividends and a credit to Dividends Payable for $11,200. O Dividends and a credit to Retained Earnings for $11,200. O Retained Earnings and a credit to Dividends for $11,200. C Dividends and a credit to Cash for $11,200.
Boston Enterprises declared and paid a dividend of $10,000 this year. The entry to close the Dividend at the end of the year will include a debit to: Multiple Choice O Dividends and a credit to Retained Earnings for $10,000. Dividends and a credit to Dividends Payable for $10,000. O Dividends and a credit to Cash for $10,000. Retained Earnings and a credit to Dividends for $10,000, The balance of which of the following accounts appears in the credit column...
AlfordCo paid $11,800 in advance for six months of rent. What journal entry will AlfordCo prepare to record this transaction? Multiple Choice Debit Cash and credit Deferred Rent for $11,800 Debit Rent Expense and credit Cash for $11,800 O O Debit Prepaid Rent and credit Cash for $11,800 Debit Cash and credit Prepaid Rent for $11,800
Mapleleaf Industries declared a $0.75 per share cash dividend. The company has 120,000 shares authorized, 49,000 shares issued, and 46,000 shares of common stock outstanding. What is the journal entry to record the dividend declaration? Multiple Choice Ο O Debit Dividends Payable and credit Cash for $36,750 Ο Debit Dividends and credit Dividends Payable for $36.750, Ο Debit Dividends and credit Dividends Payable for $34.500 Ο O Debit Dividends Payable and credit Cash for $90.000 A company issued 8% preferred...
The Retained Earnings balance was $64120 on January 1. Net income for the year was $50,680. If Retained Earnings had a credit balance of $66,640 after closing entries were made for the year, and if additional stock of $14.560 was issued during the year, what was the amount of dividends declared during the year? Multiple Choice Ο 536,400 Ο 566.360 Ο $48.100 Ο Mapleleaf Industries declared a $0.75 per share cash dividend. The company has 120,000 shares authorized, 49,000 shares...
1. Close Revenue Accounts
2. Close expense accounts.
3. Close dividends account.
Credit Debit 11,800 163,000 6,300 38,000 430,000 Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation equipment Accounts payable Notes payable-due in three months Salaries payable Interest payable Common stock Retained earnings Dividends Sales revenue Costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 138,000 43,000 43,000 5,300 16,800 265,000 78,600 14,500 530,000 245,000 133,000 28,000 43,000 3,300 3,800 1,119,700 1,119,700
On the date of payment for a cash dividend, what journal entry is required? O A. Debit Retained Earnings and credit Dividends Payable O B. Debit Dividends and credit Retained Earnings OC. Debit Dividends Payable and credit Cash OD. Debit Cash and credit Dividends Payable
Record the entry to close the dividends account.
Record the entry to close the expense accounts using the
retained earnings account.
I only need help with those two part thank you!!
Credits Debits 28,700 18, see 31,00 Account Title Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Total 9, 3ee 10, see 49, see 9,400 77, 7ee 77,700 The following is a summary of the transactions for the year: a. Service revenue, $134,000, of which $40,200...
cash dividends can be paid only when:
11. Cash dividends can be paid only when: A) the retained earnings account has a positive balance greater than the dividend. B) the cash account has a balance greater than the amount of the dividend declared. C) the board of directors has declared the dividend. D) all of the above. 12. On February 16, a company declares a 34€ dividend to be paid on April 5. There are 2 million shares of common...
Question 9 6 The journal entry to record the declaration of a cash dividend would include a: debit to Retained Earnings debit to Dividend Expense debit to Dividends Payable credit to Cash Ne
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