Journalizing Transactions and Closing Entries
Not what you're looking for?
Please help with the following problem. I do not understand what I am doing wrong. I have attempted this twice (these are the answers I thought were correct see below). I have all the other problems solved.
Journalize the transactions and the closing entries for net income and dividends. (If no entry is required, select 'no entry' for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Dec 1 (142632 and 154518 are incorrect)
Cash dividends
Dividends Payable
Dec 31 (244512 and 256398 are incorrect)
Retained Earnings
Cash Dividends
(To close cash dividends)
Purchase this Solution
Solution Summary
The following problem helps with problems involving journalizing transactions and closing entries. Concepts covered include cash dividends, dividends payable and retained earnings.
Solution Preview
I have reviewed the prior transactions instead of just the two dates you indicated, and I think the issue is about the stock dividend and the stock split. About the stock dividend, this occurred ...
Purchase this Solution
Free BrainMass Quizzes
Motivation
This tests some key elements of major motivation theories.
IPOs
This Quiz is compiled of questions that pertain to IPOs (Initial Public Offerings)
Six Sigma for Process Improvement
A high level understanding of Six Sigma and what it is all about. This just gives you a glimpse of Six Sigma which entails more in-depth knowledge of processes and techniques.
Balance Sheet
The Fundamental Classified Balance Sheet. What to know to make it easy.
Marketing Management Philosophies Quiz
A test on how well a student understands the basic assumptions of marketers on buyers that will form a basis of their marketing strategies.