Please do explain the step by step on what is ask or required. Explanation on how you get it. It will be much appreciated. Thank you so much. Read the transactions carefully and prepare the Journal Entry.Med-care incorporated is a health insurance company. The following account balances appear on thestatement of financial position of Doc med-care Incorporated.Ordinary Shares P10 par,P400,000;Share Premium Ordinary,P42, 500;Retained EarningsP299,500.The board of Directors declared a 3 pesos dividend per share.Required:Journalize the entriesto recordThe declaration of the DividendThe issuance of the dividend

Dividend is the appropriation of profits of the company to its shareholders A Company declares…

Answered: Journalize the entries to record The…

Business

Accounting

Journalize the entries to record The declaration of the Dividend The issuance of the dividend

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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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

100%

Please do explain the step by step on what is ask or required. Explanation on how you get it. It will be much appreciated. Thank you so much.

Read the transactions carefully and prepare the Journal Entry.
Med-care incorporated is a health insurance company. The following account balances appear on the
statement of financial position of Doc med-care Incorporated.
Ordinary Shares P10 par,
P400,000;
Share Premium Ordinary,
P42, 500;
Retained Earnings
P299,500.
The board of Directors declared a 3 pesos dividend per share.
Required:
Journalize the entriesto record
The declaration of the Dividend
The issuance of the dividend

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