From the following list of selected accounts for X-cell Inc., identify the equity accounts. Use CC for

Question:

From the following list of selected accounts for X-cell Inc., identify the equity accounts. Use “CC” for contributed capital, “RE” for retained earnings, and “X” if not an equity account.
• Cash
• Common shares
• Common payable
• Deficit
• Preferred shares
• Retained earnings
• Preferred payable
• Preferred shares, $5 non-cumulative

Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...