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Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372 Exercise 18
Preparing and Posting Journal Entries for Dividends
At December 31, the unadjusted trial balance of H R Tacks reports Dividends Declared of $0 and Dividends Payable of $0. A $200 dividend was declared on December 27, with payment in cash to occur three weeks later. Prepare the required journal entry. In separate T-accounts for each account, enter the unadjusted balances, post the journal entry, and report the adjusted balance.
At December 31, the unadjusted trial balance of H R Tacks reports Dividends Declared of $0 and Dividends Payable of $0. A $200 dividend was declared on December 27, with payment in cash to occur three weeks later. Prepare the required journal entry. In separate T-accounts for each account, enter the unadjusted balances, post the journal entry, and report the adjusted balance.
Explanation
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Journal entry for the given tr...
Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
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