1. On December 31, 2020 a company paid a dividend to the owner for $15,000, the...
1. On December 31, 2020 a company paid a dividend to the owner for $15,000, the journal entry would include a debit to:
a. Cash for $15,000
b. Expenses for $15,000
c. Accounts Payable for $15,000
d. Dividends for $15,000
2. Dividends paid to the owner are:
a. an expense on the income statement
b. an asset on the balance sheet
c. a reduction of retained earnings during the close process
Homework Answers
| Q.1 | Correct Option d. Dividends for $15,000 | ||
| Correct Entry would be: | |||
| Accounts Name and Explanation | Debit | Credit | |
| Dividends | 15,000 | ||
| Cash | 15,000 | ||
| (To record dividend paid) | |||
| Q.2 | Correct Option c. a reduction of retained earnings during the close process | ||
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