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77julia77 [94]
3 years ago
8

Divine Apparel has 3,900 shares of common stock outstanding. On October 1, the company declares a $0.50 per share dividend to st

ockholders of record on October 15. The dividend is paid on October 31. Record all transactions on the appropriate dates for cash dividends. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Business
1 answer:
Afina-wow [57]3 years ago
3 0

Answer:

1. October 1

Dividends (Cr)      1950

Dividend Payable (Dt)        1950

2. October 15

No journal entry required

3. Record the payment of cash dividends

Dividend Payable (Cr)  1950

Cash  (Dt)   1950

Explanation:

(<em>3,900 shares of common stock outstanding</em>) *(<em>declared  $0.50 per share dividend</em>) = 1950

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1) I used an excel spreadsheet

2) a. On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $7,000 in cash along with equipment having a $3,000 value.

Dr Cash 7,000

Dr Equipment 3,000

    Cr DeShawn Tyler, capital 10,000

b. On May 21, Elegant Lawns purchases office supplies on credit for $500.

Dr Office supplies 500

    Cr Accounts payable 500

c. On May 25, Elegant Lawns receives $4,000 cash for performing landscaping services.

Dr Cash 4,000

    Cr Landscaping Revenue 4,000

d. On May 30, Elegant Lawns receives $1,000 cash in advance of providing landscaping services to a customer.

Dr Cash 1,000

    Cr Unearned Landscaping Revenue 1,000

3)

Cash (101)

debit                    credit

7,000

4,000

<u>1,000                              </u>

12,000

Office Supplies (124)

debit                    credit

500

Equipment (167)

debit                    credit

3,000

Accounts Payable (201)

debit                    credit

                            500

Unearned Landscaping Revenue (236)

debit                    credit

                            1,000

D. Tyler, Capital (301)

debit                    credit

                            10,000

Landscaping Revenue (403)

debit                    credit

                            4,000

Download pdf
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