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.

Question

Frye

Business

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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Answers (1)

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Gabriella Decker · Answer 1

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.

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.

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.