Simplicity Inc.had the following shareholders' equity account balances on December 31,2017:
On October 31,2018 Simplicity declared the stipulated dividends on the preferred shares payable on December 1.
On November 30,2018 Simplicity declared cash dividends of $2 per common share payable on January 2,2019.
Required:
Prepare the journal entries for 2018 and 2019.

Question

Simplicity Inc.had the following shareholders' equity account balances on December 31,2017:
  On October 31,2018 Simplicity declared the stipulated dividends on the preferred shares payable on December 1.
On November 30,2018 Simplicity declared cash dividends of $2 per common share payable on January 2,2019.
Required:
Prepare the journal entries for 2018 and 2019.

Quizplus · Accepted Answer

The Answer of Simplicity Inc.had the following shareholders' equity account balances on December 31,2017:
  On October 31,2018 Simplicity declared the stipulated dividends on the preferred shares payable on December 1.
On November 30,2018 Simplicity declared cash dividends of $2 per common share payable on January 2,2019.
Required:
Prepare the journal entries for 2018 and 2019.