Adjusting Entries: Retained earnings
Adjusting Entries: Retained earnings at 1/1/06 was $150,000 and at 12/31/06 it was $200,000. During 2006, cash dividends of $50,000 were paid and a stock dividend of $40,000 was issued. Both dividends were properly charged to retained earnings. You are to provide the missing closing entry. For each journal entry write Dr for debit and Cr for credit.© SolutionLibrary Inc. solutionlibary.com 9836dcf9d7 https://solutionlibrary.com/business/accounting/adjusting-entries-retained-earnings-7efe
...aid were 50,000+40,000=90,000. This would have reduced the retained earnings account. The ending ...