ASSETS 11 Cash 12 Accounts Receivable 2 13 Supplies 14 Prepaid Insurance 15 Land

Question

ASSETS 11 Cash 12 Accounts Receivable 2 13 Supplies 14 Prepaid Insurance 15 Land 16 Equipment 17 Automobiles REVENUE Prepare a joumal entry on Aune 30 for dividends of $11,500 Refer to the Chart of Accounts for exact wording of account tities 41 Fees Eamed EXPEN SES 51 Advertising Expense 52 Automobile Experse 53 Insurance Expense 54 Rent Expense 55 Salary Expense 56 Supplies Expense 57 Ubilites Expense 58 Miscellaneous Expense LIABILITIES 21 Accounts Payable 22 Unearned Rent 23 Notes Payable 24 Salaries Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends

Explanation / Answer

Date Accounts Debit Credit Jun. 30 Dividends $       11,500 To Cash $       11,500 [Entry to record declaration and payment of dividends] Jun.30 Retained earnings $       11,500 To Dividends $       11,500 [Entry to close dividends account to retained earnings]

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