On June 20, 2021, X Corporation declared and paid a $56,000 cash dividends. On June...
50.1K
Verified Solution
Link Copied!
Question
Accounting
On June 20, 2021, X Corporation declared and paid a $56,000 cash dividends. On June 20, 2021, X Corporation recorded the following in the accounting books: *
Debit $56,000 to Dividends, Credit $56,000 to Dividends Payable
Debit $56,000 to Cash, Credit $56,000 to Dividends Payable
Debit $56,000 to Dividends Payable, Credit $56,000 to Cash
None of the above
The following entry was recorded on October 25, 2021: * Date October 25, 2021 Credit Accounts and explanation Land Building Equipment Cash Notes Payable Common Stock Debit 1,000,000 600,000 400.000 150,000 650,000 1.200,000 The transaction above involves: The creation of an informal liability by $650,000 A decrease in owner's equity by $1,200,000 The purchase of PPE for $2,000,000 None of the above
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
