The following information and transactions took place during 2020: May-18 Declared a $8 per share cash dividend
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Question:
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.
Jul-20 Paid the cash dividends declared on May 18.
Aug-31 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.(5points)
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