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What would the paid dividends and retained earnings be for the below journal? GENERAL JOURNAL Date Accounts Debits Credits Dec. 1, 2022 Cash (110,000 *
What would the paid dividends and retained earnings be for the below journal?
GENERAL JOURNAL | ||||
Date | Accounts | Debits | Credits | |
Dec. 1, 2022 | Cash (110,000 * $11) | $1,210,000 | ||
Common Stock (110,000 * $4) | $440,000 | |||
Additional Paid-in Capital - Common Stock | $770,000 | |||
Issued common stock | ||||
Dec. 5, 2022 | Cash (1,200 * $175) | $210,000 | ||
Preferred Stock (1,200 * $80) | $96,000 | |||
Additional Paid-in Capital - Preferred Stock | $114,000 | |||
Issued preferred stock | ||||
Dec. 11, 2022 | Cash (45,000 * $16) | $720,000 | ||
Common Stock (45,000 * $4) | $180,000 | |||
Additional Paid-in Capital - Common Stock | $540,000 | |||
Issued common stock | ||||
Dec. 14, 2022 | Retained Earnings | $110,000 | ||
Dividends Payable - Preferred Stock (1,200 * $80 * 4%) | $3,840 | |||
Dividends Payable - Common Stock | $106,160 | |||
Declared dividend | ||||
Dec. 22, 2022 | No entry | |||
Date of Record | ||||
Dec. 31, 2022 | Dividends Payable - Preferred Stock (1,200 * $80 * 4%) | $3,840 | ||
Dividends Payable - Common Stock | $106,160 | |||
Cash | $110,000 | |||
Paid Dividends | ||||
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