Oriole Corporation was organized on January 1, 2021. During its first year, the corporation issued 1,950 shares of $50 par value preferred stock and 105,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2021, $5,000; 2022, $13,900; and 2023, $27,000. Journalize the declaration of the cash dividend at December 31, 2023, under part (b). (Credit account titles are automaticallyindented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titlesand enter O for the amounts.)Date Account Titles and ExplanationDec. 31DebitCredit

recording of journal entry are as follows

Answered: Oriole Corporation was organized on…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Oriole Corporation was organized on January 1, 2021. During its first year, the corporation issued 1,950 shares of $50 par value preferred stock and 105,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2021, $5,000; 2022, $13,900; and 2023, $27,000.

Journalize the declaration of the cash dividend at December 31, 2023, under part (b). (Credit account titles are automatically
indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles
and enter O for the amounts.)
Date Account Titles and Explanation
Dec. 31
Debit
Credit

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