![Grandal Industries declared and paid a dividend. How does this transaction affect the cash account? [Select] How does this tr](http://img.homeworklib.com/questions/8b55a9c0-1554-11eb-babc-45cbbc54f1f8.png?x-oss-process=image/resize,w_560)
Homework Answers
1) Transaction affect the cash account = Decrease
Transaction affect the retained account = Decrease
2) Supplies account = No effect
Account payable account = Decrease
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Grandal Industries declared and paid a dividend. How does this transaction affect the cash account? [Select]...
A company declared and paid dividends of $1,300. How does this transaction affect the accounting equation?...
A company declared and paid dividends of $1,300. How does this transaction affect the accounting equation? A.Add $1,300 to Dividends and add $1,300 to Accounts Receivable. B.Add $1,300 to Revenue and add $1,300 to Cash. C.Add $1,300 to Dividend Expense and subtract $1,300 from Cash. D.Subtract $1,300 from Retained Earnings and subtract $1,300 from Cash.
1. Grayton Industries purchased supplies for $1,300. They paid $500 in cash and agreed to pay...
1. Grayton Industries purchased supplies for $1,300. They paid $500 in cash and agreed to pay the balance in 30 days. The journal entry to record this transaction would include a debit to an asset account for $1,300, a credit to cash account for $500. Which of the following would be the correct way to complete the recording of the transaction? a. Credit the Grayton, Capital account for $500. b. Debit the Grayton, Capital account for $500. c. Credit an...
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...
Freeman, Inc. paid a supplier for purchases made on credit last month. How does this transaction...
Freeman, Inc. paid a supplier for purchases made on credit last month. How does this transaction affect total assets? Decrease. How does this transaction affect total liabilities? Increase. Question 13 2 pts The Villar Company paid its building rent for all of 20X1 on 1/1/X1. Villar makes an adjusting entry at the end of January related to this rent. How does this adjusting entry affect net income? Decrease.
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.
help me fill this please. thank you and thumbs up!. Cash Transaction Paid advertising expense of...
help me fill this please. thank you and thumbs up!.
Cash Transaction Paid advertising expense of $165. Issued $600 of common stock for cash. Performed services for cash $450. Performed services on account $500. Paid $215 of last month's salaries. Paid $200 for last month's utilities. Paid $250 cash for miscellaneous expenses. Paid cash dividend of $125. Paid salary expense $250 cash. Collected $250 of accounts receivable. Sold land for cash $500. Received utilities bill, $175 to be paid next...
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.
Requirements 2 and 3. Prepare T-Accounts for each account. Insert in each T-account its September 30...
Requirements 2 and 3. Prepare T-Accounts for
each account. Insert in each T-account its September 30 balance as
given (example: Cash $2,300). Then, post the October transactions
to the T-accounts. Compute the balance in each account.
Common Stock Bal Bal (a) (b) 8,500 4,3001 Cash 23001 4,3001 6,400 (c) 14001 (th) 50001 (e) 4,400 1,700 3,300 Bal Bal 10809 Accounts Receivable 3,500 (e) Retained Eamings Bal Bal 2,8001 1,400 Bal 21001 Supplies Dividends Service Revenue Equipment 11,500 Bal Rent Expense...
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...
On November 1, 2017, the following were the account balances of Soho Equipment Repair. Cash Accounts...
On November 1, 2017, the following were the account balances of Soho Equipment Repair. Cash Accounts Receivable Supplies Equipment Debit $ 3,250 3,080 1,580 10,460 Credit $ 500 2,760 400 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings 790 10,460 3,460 $18,370 $18,370 During November, the following summary transactions were completed. Nov. 8 10 12 15 17 Paid $1,220 for salaries due employees, of which $430 is for November and $790 is for...
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...
Freeman, Inc. paid a supplier for purchases made on credit last month. How does this transaction affect total assets? Decrease. How does this transaction affect total liabilities? Increase. Question 13 2 pts The Villar Company paid its building rent for all of 20X1 on 1/1/X1. Villar makes an adjusting entry at the end of January related to this rent. How does this adjusting entry affect net income? Decrease.
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.
help me fill this please. thank you and thumbs up!.
Cash Transaction Paid advertising expense of $165. Issued $600 of common stock for cash. Performed services for cash $450. Performed services on account $500. Paid $215 of last month's salaries. Paid $200 for last month's utilities. Paid $250 cash for miscellaneous expenses. Paid cash dividend of $125. Paid salary expense $250 cash. Collected $250 of accounts receivable. Sold land for cash $500. Received utilities bill, $175 to be paid next...
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.
Requirements 2 and 3. Prepare T-Accounts for
each account. Insert in each T-account its September 30 balance as
given (example: Cash $2,300). Then, post the October transactions
to the T-accounts. Compute the balance in each account.
Common Stock Bal Bal (a) (b) 8,500 4,3001 Cash 23001 4,3001 6,400 (c) 14001 (th) 50001 (e) 4,400 1,700 3,300 Bal Bal 10809 Accounts Receivable 3,500 (e) Retained Eamings Bal Bal 2,8001 1,400 Bal 21001 Supplies Dividends Service Revenue Equipment 11,500 Bal Rent Expense...
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...
On November 1, 2017, the following were the account balances of Soho Equipment Repair. Cash Accounts Receivable Supplies Equipment Debit $ 3,250 3,080 1,580 10,460 Credit $ 500 2,760 400 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings 790 10,460 3,460 $18,370 $18,370 During November, the following summary transactions were completed. Nov. 8 10 12 15 17 Paid $1,220 for salaries due employees, of which $430 is for November and $790 is for...
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