Journalize the required closing entries for the year. 8. Greentea Company earned net income of...
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Accounting
Journalize the required closing entries for the year.
8. Greentea Company earned net income of $800,000 during the year ended December 31, 2010. On December 15, Greentea declared the annual cash dividend on its 2% preferred stock (par value, $110,000) and a $1.00 per share cash dividend on its common stock (65,000 shares). Greentea then paid the dividends on January 4, 2011.
R1. Journalize for Greentea:
a. Declaring the cash dividends on December 15, 2010.
b. Paying the cash dividends on January 4, 2011.
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