Problem 3: The following selected accounts are taken from the general ledger of the Little...
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Accounting
Problem 3: The following selected accounts are taken from the general ledger of the Little Milton Company.
Accumulated Depreciation $10,000
Depreciation Expense 7,000
Retained Earnings 20,000
Salaries and Wages Expense 18,000
Service Revenue 31,000
Dividends of $12,000 were paid during the year and are not reflected in the balance of retained earnings above.
Required:
- Prepare the journal entry to record the dividends paid durning the year.
- Prepare the closing entries for the year.
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