CLOSING INCOME SUMMARY AND DIVIDENDS TO RETAINED EARNINGS Davidson Company had a net income of $120,000 and
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CLOSING INCOME SUMMARY AND DIVIDENDS TO RETAINED EARNINGS Davidson Company had a net income of $120,000 and paid cash dividends of $24,000 for 20--. Wilson and Picket Company had a net loss of $30,000 and distributed a 10% stock dividend with a market value of $18,000.
1. Prepare the journal entries for Davidson as of December 31, 20--, to close Income Summary and Cash Dividends into Retained Earnings.
2. Prepare the journal entries for Wilson and Picket as of December 31, 20--, to close Income Summary and Stock Dividends into Retained Earnings.
DividendA 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...
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