Homework Answers
Correct answer----------Retained earnings and a credit to Dividends.
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Dividends have a debit balance so in order to close dividend it has to be credited. Retained earning is debited because dividends are paid out of retained earnings and dividends reduce retained earnings balance.
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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 $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...
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.
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...
Begin by preparing the closing entries for North Pole Services Enterprises. Record the entry to close...
Begin by preparing the closing entries for North Pole
Services Enterprises. Record the entry to close out the revenue
accounts
owing selected accounts from the records of North Pole Enterprises at December 31, 2016. on to view the selected accounts and balances) closing entries for North Pole Enterprises at December 31, 2016. How much net income did North Pole Enterprises earn d for Retained Earnings to show the December 31, 2016, balance of Retained Earnings ing the closing entries for...
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...
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
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
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
1- The following data has been collected about Keller Company's stockholders' equity accounts: Common stock $10...
1- The following data has been collected about Keller Company's stockholders' equity accounts: Common stock $10 par value 20,000 shares authorized and 10,000 shares issued, 9,000 shares outstanding $100,000 Paid-in capital in excess of par value, common stock 50,000 Retained earnings 25,000 Treasury stock 11,500 Assuming the treasury shares were all purchased at the same price, the cost per share of the treasury stock is: Multiple Choice $1.15. $1.28. $11.50. $10.50. $10.00. 2- Comfort Mattresses, Inc. sold 26,000 shares of...
1.Indicate the proper journal entry to record payment of a cash dividend previously declared: Select one:...
1.Indicate the proper journal entry to record payment of a cash dividend previously declared: Select one: a. Debit Cash, credit Dividend Payable b. Debit Dividends, credit Cash 2.A bookkeeper erroneously recorded a $7 accrual of wages payable using this journal entry: Sales Discount $7 Inventory $7 Indicate the effect of the error on Expenses, Assets, and Liabilities, respectively: Select one: a. No Error, Understated, No Error b. Overstated, No Error, Understated c. Understated, Understated, Understated d. No Error, No Error,...
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...
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.
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...
Begin by preparing the closing entries for North Pole
Services Enterprises. Record the entry to close out the revenue
accounts
owing selected accounts from the records of North Pole Enterprises at December 31, 2016. on to view the selected accounts and balances) closing entries for North Pole Enterprises at December 31, 2016. How much net income did North Pole Enterprises earn d for Retained Earnings to show the December 31, 2016, balance of Retained Earnings ing the closing entries for...
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...
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
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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