a) On February 1, 2020 Adam Enterprises declared a dividend of $4,300 to common shareholders on record on February 4, 2020. Record the journal entry associated with this transaction. The company uses the retained earnings account to record dividends. Do not enter dollar signs or commas in the input boxes. Date Account Title and Explanation Debit Credit Feb 1 Record dividend payable b) Record the journal entry when Adam Enterprises pays out the dividend on March 14, 2020. Date Account Title and Explanation Debit Credit Mar 14

a) On February 1, 2020 Adam Enterprises declared a dividend of $4,300 to common shareholders on record on February 4, 2020. Record the journal entry associated with this transaction. The company uses the retained earnings account to record dividends. Do not enter dollar signs or commas in the input boxes. Date Account Title and Explanation Debit Credit Feb 1 Record dividend payable b) Record the journal entry when Adam Enterprises pays out the dividend on March 14, 2020. Date Account Title and Explanation Debit Credit Mar 14

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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