The owner of a taxi business(Speedy)has been having difficulties in accounting for the companys liabilities and equity
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Question:
The owner of a taxi business(“Speedy”)has been having difficulties in accounting for the company’s liabilities and equity and has asked for your assistance (ignore GST).
Required:
EQUITY: Speedy has 400,000 ($40 per share) common shares issued. It declares a 20% share dividend on the 1st of June 2020 at a value of $48 per share, and issues the dividend on the 30th of June 2020. On the 1st of August, 2020, it declares a cash dividend of $2.00 per share. You are required to journalize the entries in relation to these dividend transactions.
Prepare the general journal entries in relation to these dividend transactions.
Related Book For
Accounting for Decision Making and Control
ISBN: 978-0078025747
8th edition
Authors: Jerold Zimmerman
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