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Scorpion4ik [409]
2 years ago
4

July 15 Declared a cash dividend payable to common stockholders of $173,000. Aug. 15 Date of record is August 15 for the cash di

vidend declared on July 15. Aug. 31 Paid the dividend declared on July 15.
Business
1 answer:
SVEN [57.7K]2 years ago
7 0

For July 15 Debit Retained Earnings for $165,000 and Credit Dividend Payable for $165,000.

<h3><u>What is debit?</u></h3>
  • A debit is an accounting entry that affects a company's balance sheet by increasing assets or decreasing liabilities.
  • In basic accounting, credits that operate in the inverse direction of debits balance each other out.
  • For instance, depending on the loan's terms, if a company takes out a loan to buy equipment, it will simultaneously debit fixed assets and credit a liabilities account.
  • Sometimes "dr," the acronym for "debtor," is used to refer to debit. Every double-entry accounting system has a debit option.

The polar opposite of credits is a debit. Credits indicate money coming into an account, whereas debits represent money leaving it.

No Journal entry is required for the Date of record. For August 31 Debit Dividend Payable for $165,000 and Credit Cash for $165,000.

Know more about debit with the help of the given link:

brainly.com/question/12269231

#SPJ4

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The message should be brief and indirectly imply the refusal.

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lianna [129]
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7 0
3 years ago
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