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Need help with requirement 2-B and requirement 3-A,3-B. Thanks. Problem 10-1 Recording Dividends On August 15, 2019, EasyMoney, Inc.'s Board of Directors meets and declares

image text in transcribed Need help with requirement 2-B and requirement 3-A,3-B. Thanks.
image text in transcribed
Problem 10-1 Recording Dividends On August 15, 2019, EasyMoney, Inc.'s Board of Directors meets and declares that EasyMoney will pay a dividend to its stockholders. Each share of EasyMoney' dividend of $1.25 per share. There are currently 100,000 shares of EasyMoney's Common held by EasyMoney's shareholders The following are the facts related to this dividend: s Common Stock will be paid a Stock 16o,o00 x 1.25 2s,ooo D Dividend per Share Date of Declaration. August 15, 2019 D Date of Record D Date of Payment September 5, 2019 ...September 20, 2019 The following is a partial list of the accounts in EasyMoney, Inc.'s General Ledger. These are the only accounts you need for this problem. D Cash Dividends Payable (o D Retained Earnings (2,ooo As of August 1, 2019, the Beginning Balance in the Dividends Payable account is $0 and the Beginning Balance in the Retained Earnings account is $625,000. Remove and use the forms on Pgs 235 and 236 to complete this problem. Requirement 1 Record the entry that EasyMoney should make in the General Journal on August 15, 2019 to record the declaration of the dividend. A. B. After making and posting the August 15 entry, what are the Current Balances in the: b Dividends Payable account? Dividendeo b Dividends Payable account? D Retained Earnings account? Earninge 026,0005oo,coo 125,c0o Requirement 2 EasyMoney's Accounting Cycle is one month long. EasyMoney's Net Income for the month of August is $52,000. Prepare the Calculation of Retained Earnings as of August 31 for the Balance Sheet. A. B. What would be the amount of Dividends Payable on EasyMoney's August 31 Balance Sheet? Requirement3 A. Record the entry that EasyMoney should make in the General Journal on September 20, 2019 to record the payment of the dividend. B. After making and posting the September 20 entry, what is the Current Balance in the: D Dividends Payable account

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