problem 10-1

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Problem 10-1 Recording Dividende On August 15, 2021, EnnyMoney, In's Board of Directora mente des that money will pay a dividend to its stockholders. Each han of Mon Common Stock will be paida dividend of $125 per here. There are currently 100,000 shore of Emonas Common Stock held by FanyMoney's shareholders The following are the facts reland to this dividend Dividend per Sharn $125 Date of Decoration August 15, 2521 Date of Record September 5, 2021 Date of Payment September 20, 2021 The following is a partial list of the accounts in Eny Money, Inc.'s General Ledge. The oth only accounts you need for this problem Cash Dividends Payable Retained Earnings As of August 1, 2021, the Beginning Balance in the Dividends Payable account is $0 and the Beginning Balance in the Retained Earnings account in $625,000 Use the forms in the Excel workbook Chapter 10 D. Problem 10-1 Farms to complete this problem Requirement 1 A. Record the entry that Easy Money should make in the General Journal on August 15, 2021 to record the dedaration of the dividend. B. After making and posting the August 15 entry, what are the Current Balances in the Dividends Payable account? Retained Earnings account? Requirement 2 A. EasyMoney's Accounting Cycle is one month long Easy Money's Net Income for the month of August is $52.000. Prepare the Calculation of Retained Earnings as of August 31 for the Balance Sheet B. What would be the amount of Dividends Payable on Easytoreys August 31 Balance Sheet? Requirement 3 A. Record the entry that EasyMoney should make in the General Journal on September 20 2021 to record the payment of the dividend. B. After making and posting the September 20 entry, what is the Current Balance in the Dividends Payable account? Problem 10-2 Summary of Accounts Introduced in Solid Footing This Summary of Accounts and Self-Test is located in the Excel Workbook entitled Chapter 10 c - Problem 10-2 Review of Accounts and Self Test. To work with the Summary of Accounts and Self-Test, do the following: - Open the workbook Chapter 10 C - Problem 10-2 Review of Accounts and Self Test -> Enable Macros The first tab in this workbook, Study Guide Accounts by Type, is a listing of all of the accounts you have been introduced to in the first ten chapters of Solid Footing. Study this listing and then take the Self-Test The second tab, Self Test, is a listing of the same accounts but they are not grouped by account type. The accounts are listed in alphabetical order. To test your knowledge of each of the accounts, select the correct entry for each of the cells in the 4 columns associated with the account. To select the correct entry Click into the cell. Click on the drop-down button at the end of the cell Click on the correct entry for that cell After you have filled in the cells for all of the accounts, then click Grade Your Tost to see your grade Any account that contains an incorrect or blank answer will have a red X in the right most column All incorrect answers will be shown in red. Fix any incorrect or blank answers, and then again click Grade Your Tost if your fixed answers are correct, the fixed answers will turn from red to black and the red X in the right most column will be removed. Problem 10-1 Recording Dividends Requirement 1 A. August 15 Dividend declaration entry Date Account Name Debit Credit B. After posting the above entry the Current Balances in the Dividends Payable accor Retained Earnings account Current Balance in the Current Balance in the Dividends Payable Retained Earnings account as of Aug 15 account as of Aug 15 Requirement 2 A Calculation of Retained Earnings as of August 31 for the Balance Sheet Calculation of Retained Earnings as of August 31 for the Balance Sheet B. Dividends Payable shown on Easy Money's August 31 Balance Sheet Dividends Payable B. Dividends Payable shown on Easy Money's August 31 Balance Sheet Dividends Payable on the August 31 Balance Sheet Requirement A September 20 Dividend payment entry Date Account Name Debit Credit B. After posting the above entry the Current Balance in the Dividends Payable accou Current Balance in the Dividends Payable account as of Sept. 20