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
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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
Transcribed Image Text: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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