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Mocha Company earned net income of $82,000 during the year ended December 31, 2024. On December 15, Mocha declared the annual cash dividend on its 3% preferred stock (par value, $105,000) and a $0.75 per share cash dividend on its common stock (52,000 shares). Mocha then paid the dividends on January 4, 2025. Read the requirements Requirement 1. Journalize for Mocha the entry declaring the cash dividends on December 15, 2024. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Accounts and Explanation Date 2024 Dec 15 2025 Debit Requirement 2: Journalize for Mocha the entry paying the cash dividends on January 4, 2025. (Record debits first, then credits Select the explanation on the last line of the journal entry table) Date Accounts and Explanation Jan 4 Credit Debit Credit

Mocha Company earned net income of $82,000 during the year ended December 31, 2024. On December 15, Mocha declared the annual cash dividend on its 3% preferred stock (par value, $105,000) and a $0.75 per share cash dividend on its common stock (52,000 shares). Mocha then paid the dividends on January 4, 2025. Read the requirements Requirement 1. Journalize for Mocha the entry declaring the cash dividends on December 15, 2024. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Accounts and Explanation Date 2024 Dec 15 2025 Debit Requirement 2: Journalize for Mocha the entry paying the cash dividends on January 4, 2025. (Record debits first, then credits Select the explanation on the last line of the journal entry table) Date Accounts and Explanation Jan 4 Credit 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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Mocha Company earned net income of $82,000 during the year ended December 31, 2024. On December 15, Mocha declared the annual cash dividend on its 3% preferred stock (par value, $105,000) and a $0.75 per share cash dividend on its common stock (52,000 shares). Mocha then paid the dividends on January 4, 2025. Read the requirements. Requirement 1. Journalize for Mocha the entry declaring the cash dividends on December 15, 2024. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Accounts and Explanation Date 2024 Dec 15 Debit 2025 Jan, 4 Requirement 2: Journalize for Mocha the entry paying the cash dividends on January 4, 2025. (Record debits first, then credits Select the explanation on the last line of the journal entry table) Date Accounts and Explanation Credit Debit Credit
Transcribed Image Text:Mocha Company earned net income of $82,000 during the year ended December 31, 2024. On December 15, Mocha declared the annual cash dividend on its 3% preferred stock (par value, $105,000) and a $0.75 per share cash dividend on its common stock (52,000 shares). Mocha then paid the dividends on January 4, 2025. Read the requirements. Requirement 1. Journalize for Mocha the entry declaring the cash dividends on December 15, 2024. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Accounts and Explanation Date 2024 Dec 15 Debit 2025 Jan, 4 Requirement 2: Journalize for Mocha the entry paying the cash dividends on January 4, 2025. (Record debits first, then credits Select the explanation on the last line of the journal entry table) Date Accounts and Explanation Credit Debit Credit
Read the requirement Requirements 1. Journalize for Mocha the entry declaring the cash dividends on December 15, 2024. 2. Journalize for Mocha the entry paying the cash dividends on January 4, 2025. Requirements Date 2025 Jan. 4 Print Done Requirement 2. Journalize for Mocha the entry paying the cash dividends on January 4 first, then credits. Select the explanation on the last line of the journal entry table.) Accounts and Explanation - Debit. Time Remaining: 02 DUE AT
Transcribed Image Text:Read the requirement Requirements 1. Journalize for Mocha the entry declaring the cash dividends on December 15, 2024. 2. Journalize for Mocha the entry paying the cash dividends on January 4, 2025. Requirements Date 2025 Jan. 4 Print Done Requirement 2. Journalize for Mocha the entry paying the cash dividends on January 4 first, then credits. Select the explanation on the last line of the journal entry table.) Accounts and Explanation - Debit. Time Remaining: 02 DUE AT
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