USE T-ACCOUNTS IF WANTED Part A (15 points) Prepare journal entries in...
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Accounting
USE T-ACCOUNTS IF WANTED
Part A (15 points) Prepare journal entries in good form) for the following events. If no entry is needed, write None." A blank will be considered an incorrect answer. All items are independent unless otherwise stated. a. On October 2nd Ida Howe, a sole proprietor, contributed $20,000 cash and a used postage meter worth $1,000 to her business. Prepare any necessary journal entry on October 2nd. b. On September 15th, Marimed Corporation's board of directors declared a cash dividend totaling $36,000. The dividend is payable on October 31st to stockholders of record October 10th ("of record" means that the stockholders own shares of Marimed on the record date). Prepare any necessary journal entry on September 15th. c. Consider Marimed Corporation (above). Prepare any necessary journal entry on October 10th. d. Consider Marimed Corporation (above). Prepare any necessary journal entry on October 31st. e. On September 30, Small, Inc., purchased a $150,000 parcel of land by putting 20% down and obtaining a six percent, thirty-year mortgage, for the balance
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