Answer:
Dr Retained earnings $6,200
Cr Dividends payable $6,200
Explanation:
The shares entitled to dividends payment are those outstanding as at when dividends were declared,that is those shares in issue as at the date of dividend declaration,in essence only the outstanding shares of 12,400 are entitled to dividend payment of $0.50 per share.
The amount of dividend payment=$0.50*12,400=$6,200
The total dividends declared of $6,200 would be debited to retained earnings and credited to dividends payable until the payment date when the cash would be settled.
Answer:
1. Cash (Dr.) $2,000
Common Stock (Cr.) $2,000
2. Accounts Receivable (Dr.) $1,500
Revenue (Cr.) $1,500
3. Cash (Dr.) $1,200
Accounts Receivable (Cr.) $1,200
4. Salaries expense accrued (Dr.) $900
Salaries payable (Cr.) $900
5. Salary Payable (Dr.) $700
Cash (Cr.) $700
6. Dividends paid (Dr.) $100
Cash (Cr.) $100
7.Prepaid Insurance (Dr.) $360
Cash (Cr.) $360
8. Cash (Dr.) $2,880
Unearned revenue (Cr.) $2,880
9. Insurance Expense (Dr.) $290
Prepaid Insurance (Cr.) $290
10. Unearned revenue (Dr.) $2,880
Revenue (Cr.) $2,880.
Explanation:
Smith company has started its business and incurred the transactions. These transactions need to be recorded to charge each and every expense in their respective accounts. The expenses are recorded in the journal entries and then ledger accounts will be formed to summaries all the expenses in their respective account heads.
Answer: Corporate responsibility report.
Explanation: In simple words, it refers to the written document that is issued by the organisations with the intent of sharing the actions that they have taken to fulfill their corporate social responsibility.
The organisation have legal bounding to work for the betterment of society and also it increases the positive image of that organisation in the eyes of customers.
Hence this report is published by the organisations for fulfilling these objectives,.
Answer:
The correct answer is letter "B": An Eurodollar deposit.
Explanation:
A Eurodollar deposit refers to the act of depositing large amounts of money outside the U.S. most of the time to avoid levies and responsibilities. The deposits are not necessarily sent to European countries, it could be anywhere around the world. Most preferred destinations are the Bahamas and Cayman Islands which are considered tax havens.
Answer and Explanation:
The journal entries are shown below:
1. Cash Dr $1,000,000
To Bond payable $1,000,000
(Being the issuance of the bond is recorded)
For recording this we debited the cash as it increased the assets and credited the bond payable as it also increased the liabilities
2. Interest Expense Dr ($1,000,000 × 5% × 1 ÷ 2) $25,000
To Cash $25,000
(Being the interest expense is recorded)
For recording this we debited the interest expense as it increased the expense and credited the cash as it decreased the asset
