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Frenchroast Company earned net income of $95,000 during the year ended December 31, 2016. On December 15, Frenchroast declared the annual cash dividend on its 2% preferred stock (par value, $100,000) and a $0.60 per share cash dividend on its common stock (70,000 shares). Frenchroast then paid the dividends on January 4, 2017. Requirements 1. Journalize for Frenchroast the entry declaring the cash dividends on December 15, 2016. 2. Journalize for Frenchroast the entry paying the cash dividends on January 4, 2017. ACCOUNT DEBIT CREDIT

Frenchroast Company earned net income of $95,000 during the year ended December 31, 2016. On December 15, Frenchroast declared the annual cash dividend on its 2% preferred stock (par value, $100,000) and a $0.60 per share cash dividend on its common stock (70,000 shares). Frenchroast then paid the dividends on January 4, 2017. Requirements 1. Journalize for Frenchroast the entry declaring the cash dividends on December 15, 2016. 2. Journalize for Frenchroast the entry paying the cash dividends on January 4, 2017. ACCOUNT DEBIT CREDIT

FINANCIAL ACCOUNTING
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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Frenchroast Company earned net income of $95,000 during the year ended December 31, 2016. On December 15, Frenchroast declared the annual cash dividend on its 2% preferred stock (par value, $100,000) and a $0.60 per share cash dividend on its common stock (70,000 shares). Frenchroast then paid the dividends on January 4, 2017. Requirements 1. Journalize for Frenchroast the entry declaring the cash dividends on December 15, 2016. 2. Journalize for Frenchroast the entry paying the cash dividends on January 4, 2017. ACCOUNT DEBIT CREDIT 1 2
Transcribed Image Text:Frenchroast Company earned net income of $95,000 during the year ended December 31, 2016. On December 15, Frenchroast declared the annual cash dividend on its 2% preferred stock (par value, $100,000) and a $0.60 per share cash dividend on its common stock (70,000 shares). Frenchroast then paid the dividends on January 4, 2017. Requirements 1. Journalize for Frenchroast the entry declaring the cash dividends on December 15, 2016. 2. Journalize for Frenchroast the entry paying the cash dividends on January 4, 2017. ACCOUNT DEBIT CREDIT 1 2
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