The following information and transactions took place during 2020:

May-18 Declared a $8 per share cash dividend on 20,000 common shares issued and outstanding.

Pald the cash dividends declared on' May 18. Preparing closing entries. The balance in the income summary is $45,000 credit.

Jul-20 Aug-31 Prepare journal entries for the above transactions. Use the following formate for your answer:

DR - account name, amount. CR- account name, amount (8 Points) For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac).

The following information and transactions took place during 2020: May 18 Jul-20 Aug 31 Declared a 58 per share cash dividend on 20.000 common shares issued and outstandin paid the cash dividends declared on May 16 Preparing closing entries. The balance in the income summary is $45,000 credit Prepare journal entries for the above transactions. Use the following formate for your answer: DR.account name amount CR account name amount ( Points For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac)