The Mendholm Company entered into the following transactions: a. Performed services on account, $21,500. b. Collected $9,500
Question:
The Mendholm Company entered into the following transactions:
a. Performed services on account, $21,500.
b. Collected $9,500 from client related to services performed in Item a.
c. Paid $500 dividend to stockholders.
d. Paid salaries of $4,000 for the current month.
Required:
Show the effect of each transaction using the following model:
Assets = Liabilities + stock holders' Equity/Contributed Capital + 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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