Adriana Company had a net income of 130 000 and paid
Adriana Company had a net income of $130,000 and paid cash dividends of $26,000 for 20--. Overman Company had a net loss of $25,000 and distributed a 10% stock dividend with a market value of $15,000.
1. Prepare the journal entries for Adriana as of December 31, 20--, to close Income Summary and Cash Dividends into Retained Earnings.
2. Prepare the journal entries for Overman as of December 31, 20--, to close Income Summary and Stock Dividends into Retained Earnings.

Membership TRY NOW
  • Access to 800,000+ Textbook Solutions
  • Ask any question from 24/7 available
    Tutors
  • Live Video Consultation with Tutors
  • 50,000+ Answers by Tutors
OR
Relevant Tutors available to help