Chapter 6
Corporations: Contributed Capital and Dividends
264
Prepare the closing entries for MC Consulting assuming the company uses the income
summary account.
Date
Account Title and Explanation
Debit
Credit
AP-3A (
5
)
On February 1, 2016, Adam Enterprises declares a dividend of $4,800 to common shareholders
to be paid on February 4. Record the journal entry associated with this transaction.
Date
Account Title and Explanation Debit
Credit
