Question

Review the transactions and determine the accounts, the account types (use assets, liabilities, common stock, dividends, revenue, and expenses), if they increase/decrease and if they are DR/CR. List accounts in order they would be in the journal entry. Refer to the Chart of Accounts for account titles. Declared and paid cash dividend. Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Paid for repairs to the company truck Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit

Answer 1

1: Cash Dividend payable a/c Dr

To, Cash a/c.

(Cash dividend payable:- Type: Dividend, Increase, Debit

Cash:- Type: Asset, Decrease, Credit )

2: Repairs a/c Dr.

To, Cash a/c

(Repairs:- Type- Expense, Increase, Debit.

Cash:- Type- Asset, Decrease, Credit.)