Question
On April 20, Culver Mining Corp. declared a dividend of $471,400 that is payable on June 1. Of this amount, $148,500 is a return of
On April 20, Culver Mining Corp. declared a dividend of $471,400 that is payable on June 1. Of this amount, $148,500 is a return of capital. Culver had no contributed surplus on April 20. Prepare the April 20 and June 1 journal entries for Culver. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
| Date | Account Titles and Explanation | Debit | Credit |
| Apr. 20 | |||
| June 1 | |||
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Financial Accounting An Introduction to Concepts, Methods and Uses
Authors: Roman L. Weil, Katherine Schipper, Jennifer Francis
14th edition
978-1111823450, 1-133-36617-1 , 1111823456, 978-1-133-3661, 978-1133591023
