Solution-Make a journal entries to record the transactions

Make a journal entries to record the transactions

Reference no: EM132540061

Question - XYZ Limited has 15,500 cumulative preference shares (entitled to annual dividend of $4 per share) issued as well as 80,000 ordinary shares. There are no dividends in arrears on the preference shares. The following transactions were reported during December 20X9:

Dec. 1 Declared the required dividend on the preference shares and a $.75 per share dividend on the ordinary shares.

Dec. 14 The date of record for the dividend declared on 1 December.

Dec. 28 Paid the dividend declared on 1 December.

Dec. 31 Closed the income summary account. Profit for the year was $345,000.

Required -

a) Make a journal entries to record the above transactions.

b) Assuming the balance of retained earnings on 1 January 20X9, was $49,800, determine the balance of retained earnings on 31 December 20X9.

Reference no: EM132540061

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Make a journal entries to record the transactions

Reference no: EM132540061

Reference no: EM132540061

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