November 1, 2017

The investors of the Peavys Cleaning Service appointed three individuals to the companys Board of Directors. The board will meet once every quarter to review the operations and set overall policy for the company, but it will not be involved in the day to day operations. Mark is appointed CEO of the corporation. The board appointed a clerk-secretary to assist Mark in his duties. The clerk-secretary will not receive any compensation. Mark is allowed to draw up to $1500 per month as a personal dividend but the Board will decide to pay shareholders a normal dividend.

What is the journal entry?