Problem1 Part 1: Gateway Industries paid a cash dividend to it's shareholders in the amount of $10,500. What journal entry would Gateway record in it's accounting records for this transaction? a. Debit Cash $10,500 and credit Common Stock S10,500. b. Debit Dividends $10,500 and credit Cash $10,500. c. Debit Common Stock $10,500 and credit Cash S10,500. d. Debit Cash $10,500 and credit Retained Earnings $10,500. e. Debit Cash $10,500 and credit Dividend Income $10,500. Part 2: Fin Company maintains a perpetual inventory system and uses the weighted average method of assigning costs. Purchases and sales of inventory for the month of September are as follows: Activities Date 9/1 Beginning Inventory 10 units@ $101 each S1,010 9/3 Ist Purchase 9/4 1st Sale 9/10 2nd Purchase 9/15 2nd Sale Units Acquired at Cost Units Sold at Retail 30 units @ S105 each- S3,150 20 units @ $225 each S4,500 35 units @ $115 each -$4,025 35 units @ $240 each S8,400 9/28 3rd Purchase 16 units@9 $120 each -51,920 What is the value of its ending inventory for September? a s6,325.00 b s4,140.00 C. S3,978.00 d.s6,063.75 e. $3,744.00