On Oct. 1, 2023, the board of directors of Marge Inc. declared a $1.50 per share cash dividend on 55,000 shares of $1 par value common stock. The dividend will be paid to stockholders' who own shares on Dec. 31, 2023. The dividend will be paid on Feb. 1, 2024. What journal entry, if any, is required on each of the following dates? a. Oct. 1, 2023 b. Dec. 31, 2023 c. Feb. 1, 2024
On Oct. 1, 2023, the board of directors of Marge Inc. declared a $1.50 per share cash dividend on 55,000 shares of $1 par value common stock. The dividend will be paid to stockholders' who own shares on Dec. 31, 2023. The dividend will be paid on Feb. 1, 2024. What journal entry, if any, is required on each of the following dates? a. Oct. 1, 2023 b. Dec. 31, 2023 c. Feb. 1, 2024
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![2) On Oct. 1, 2023, the board of directors of Marge Inc. declared a $1.50 per share cash
dividend on 55,000 shares of $1 par value common stock. The dividend will be paid to
stockholders' who own shares on Dec. 31, 2023. The dividend will be paid on Feb. 1, 2024.
What journal entry, if any, is required on each of the following dates?
a. Oct. 1, 2023
b. Dec. 31, 2023
c. Feb. 1, 2024
3) At the Kwik-E-Mart, Bart & Lisa use the same cash register drawer.
a. What principle of internal control is being violated?
b. How could a new policy improve this internal control violation?
4) The employee responsible for The Leftorium's checks keeps the checks in an unlocked desk.
a. What principle of internal control is being violated?
b. How could a new policy improve this internal control violation?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6bf09cb8-8619-46ea-bbdb-614a00996c5c%2F1577d246-d7cc-4ce8-93c0-013c5fc50ec0%2Fj6k6rh_processed.jpeg&w=3840&q=75)
Transcribed Image Text:2) On Oct. 1, 2023, the board of directors of Marge Inc. declared a $1.50 per share cash
dividend on 55,000 shares of $1 par value common stock. The dividend will be paid to
stockholders' who own shares on Dec. 31, 2023. The dividend will be paid on Feb. 1, 2024.
What journal entry, if any, is required on each of the following dates?
a. Oct. 1, 2023
b. Dec. 31, 2023
c. Feb. 1, 2024
3) At the Kwik-E-Mart, Bart & Lisa use the same cash register drawer.
a. What principle of internal control is being violated?
b. How could a new policy improve this internal control violation?
4) The employee responsible for The Leftorium's checks keeps the checks in an unlocked desk.
a. What principle of internal control is being violated?
b. How could a new policy improve this internal control violation?
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