10) On December 23, 2016 the board of directors declared a total dividend of $1,200 on its 550 issued and outstanding shares to shareholders of record on January 16, 2017 and payable on February 16, 2017. (Note that the company uses a dividends general ledger account to record its dividend payments during the year rather than recording the dividends directly to retained earnings. Be sure to use that account!) Date Account description Debit Credit

10) On December 23,2016 the board of directors declared a total dividend of $1,200 on its 550 issued and outstanding shares to shareholders of record on January 16, 2017 and payable on February 16, 2017. (Note that the company uses a dividends general ledger account to record its dividend payments during the year rather than recording the dividends directly to retained earnings. Be sure to use that accountl)