Sefcik Company's balance sheet showed the following on December 31, 2024: Common stock, $ 10 par Paid-in capital-excess of par Retained earnings $ 100,000 50,000 20,000 A cash dividend is declared on December 31, 2024, and is payable on January 20, 2025, to shareholders of record on January 10, 2025. Required: 1. Prepare all appropriate journal entries, assuming a cash dividend in the amount of $1.00 per share. 2. Prepare all appropriate journal entries, assuming a cash dividend in the amount of $5.00 per share.
Sefcik Company's balance sheet showed the following on December 31, 2024: Common stock, $ 10 par Paid-in capital-excess of par Retained earnings $ 100,000 50,000 20,000 A cash dividend is declared on December 31, 2024, and is payable on January 20, 2025, to shareholders of record on January 10, 2025. Required: 1. Prepare all appropriate journal entries, assuming a cash dividend in the amount of $1.00 per share. 2. Prepare all appropriate journal entries, assuming a cash dividend in the amount of $5.00 per share.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Subject: acounting
Transcribed Image Text:Sefcik Company's balance sheet showed the following on December 31, 2024:
Common stock, $ 10 par
Paid-in capital-excess of par
Retained earnings
$ 100,000
50,000
20,000
A cash dividend is declared on December 31, 2024, and is payable on January 20, 2025, to shareholders of record on January 10,
2025.
Required:
1. Prepare all appropriate journal entries, assuming a cash dividend in the amount of $1.00 per share.
2. Prepare all appropriate journal entries, assuming a cash dividend in the amount of $5.00 per share.
Complete this question by entering your answers in the tabs below.
Required 1
Prepare all appropriate journal entries, assuming a cash dividend in the amount of $5.00 per share.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
No
1
2
Required 2
3
Date
December 31, 202 Retained earnings
X Answer is not complete.
General Journal
Cash dividends payable
January 10, 2025 No journal entry required
January 20, 2025 Cash dividends payable
Cash
< Required 1
36 3 **
Required 2
>
Debit
50,000 X
50,000✔
Credit
10,000 X
50,000✓
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