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31 January, 11:26

Journalize the following transactions into the general journal in accordance with the rules of Journalizing, and the Double-entry accounting system.

May24Coleman Company pays dividends of $1,500.

October11Coleman Company pays $1,000 for monthly advertising expenses.

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  1. 31 January, 11:52
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    May 24

    Dr Retained earnings $1,500

    Cr Cash $1,500

    Being cash dividend paid to shareholders.

    October 11

    Dr Advertising Expense $1,000

    Cr Cash $1,000

    Being cash payment for monthly advertising expenses.

    Explanation:

    Rules:

    Debit side:

    Increase in asset

    Increase in expense

    Decrease in liability

    Decrease in equity

    Decrease in income or sales

    Credit side:

    Decrease in asset

    Decrease in expense

    Increase in liability

    Increase in equity

    Increase in income or sales

    May 24

    Dr Retained earnings $1,500

    Cr Cash $1,500

    Being cash dividend paid to shareholders.

    October 11

    Dr Advertising Expense $1,000

    Cr Cash $1,000

    Being cash payment for monthly advertising expenses.
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