My writer delivered an awesome dissertation on the Creek War, I definitely didn’t have the time to do all the research she did on my own.
A company’s board of directors votes to declare a cash dividend of $1.00 per share on its 12,000 common shares outstanding. The journal entry to record the declaration of the cash dividend is: Debit Dividend Expense $12,000; credit Common Dividend Payable $12,000. Debit Retained Earnings $12,000; credit Common Dividend Payable $12,000. Debit Common Dividend Payable $12,000; credit Retained Earnings $12,000. Debit Common Dividend Payable $12,000; credit Cash $12,000. Debit Dividend Expense $12,000; credit Cash $12,000. Beginning inventory plus net purchases equals: Merchandise available for sale. Cost of goods sold. The inventory amount shown on the balance sheet. Ending inventory. Sales.
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