Homework Answers
Journal entries are as follows:
| Date | Account and Explanation | Debit(€) | Credit(€,) |
|---|---|---|---|
| a) | Dividends | 1,434 | |
| Dividends Payable | 1,434 | ||
| (Recorded the declaration of the dividend) | |||
| b) | No entry for order | - | - |
| c) | Dividends Payable | 631 | |
| Cash | 631 | ||
| (Recorded the payment of previouse dividend) | |||
| d) | Cash | 4,845 | |
| Bank Loan | 4,845 | ||
| (Recorded the bank loan taken) | |||
| e) | Cash | 183 | |
| Equipment | 183 | ||
| (Recorded the sale of the equipment) | |||
| f) | Equipment | 2,435 | |
| Cash | 2,252 | ||
| Notes Payable ($2,435 - $2,252) | 183 | ||
| (Recorded the purchase of the equipment) | |||
| g) | Investment | 2,240 | |
| Cash | 2,240 | ||
| (Recorded the purchase of the investment) |
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1. record the declaration of cash dividends.
2. record the entry on the date of record.
3. Record the payment of cash dividends.
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