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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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2. Record the entry on the date of record.
3.Record the payment of cash dividends.
 alt="On March 15, Summit Hawk declares a quarterly cash dividend of $0.050 per share payable on April 13 to all stockholders of record on
March 30.
Required:
Record Summit Hawk's declaration and payment of cash dividends for its 225 million shares. (If no entry is required for a particular
transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e.
$5.5 million should be entered as 5,500,000).)
View transaction list
Journal entry worksheet
1
2
Record the declaration of cash dividends.
Date
March 15
3
Note: Enter debits before credits.
Record entry
General Journal
Clear entry
Debit
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Transcribed Image Text:On March 15, Summit Hawk declares a quarterly cash dividend of $0.050 per share payable on April 13 to all stockholders of record on
March 30.
Required:
Record Summit Hawk's declaration and payment of cash dividends for its 225 million shares. (If no entry is required for a particular
transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e.
$5.5 million should be entered as 5,500,000).)
View transaction list
Journal entry worksheet
1
2
Record the declaration of cash dividends.
Date
March 15
3
Note: Enter debits before credits.
Record entry
General Journal
Clear entry
Debit
< Prev
Credit
View general journal
1 of 2 44
III
MacBook Air
>
Next >
Check my
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- Under the accrual basis of accounting - if cash has been received before the revenue has been earned, which of the following journal entries should be recorded? A) Debit Cash, Credit Unearned Revenue. B) Debit Cash, Credit Sales Revenue. C) Debit Unearned Revenue, Credit Cash. D) Debit Cash, Credit Accounts Receivable.arrow_forwardWhat is the current year's accounts payable balance?arrow_forwardWhich of the following entries records receiving the cash payment from a customer for previous services performed on account. (AP = Accounts Payable, AR = Accounts Receivable)arrow_forward
- 1. Match the following terms and definitions. a. Accounts receivable c. Accounts payable (1) Amounts due from customers (2) Amounts owed to suppliers for goods and services purchased (3) Amounts owed to bank Note payablearrow_forwardWhich of the following statements is characteristic of accrual basis accounting? Expenses are recorded when payment is made. Revenue is recognized when payment is received. Transactions are recorded when they occur. The exchange of cash determines timing of revenue recognition.arrow_forwardHarrigan Service Company, Inc., was incorporated by lan Harrigan and five other managers. The following activities occurred during the year: 1. Received $71,400 cash from the managers; each was issued 1,190 shares. 2. Purchased equipment for use in the business at a cost of $50,000; one-fourth was paid in cash and the company signed a note for the balance (due in six months). 3. Signed an agreement with a cleaning service to pay it $690 per week for cleaning the corporate offices, beginning next week. 4. Ian Harrigan borrowed $19,500 for personal use from a local bank, signing a one-year note.arrow_forward
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