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enfloran
Jan 25, 2009, 03:06 AM
Hi
Can you please refresh me wich are the debits and credits for the following transactions:


Declared Dividends
Paid Dividends


Also I need the account classification, i.e. assets,liabilty, equity, income or expense

For Example:
If one business declared dividends for $10,000, how I record the transaction, what are the accounts affected and wich is the account classification and thereof how it will be presented on the statements

I Thinks it is

Dividends (equity)
Dividends Payable (liabilty)

Dividends Payable (liabilty)
Cash (asset)

The transaction will be presented on the Balance Sheet
ROLCAM
Jan 25, 2009, 04:07 AM
Can you please refresh me which are the debits and credits ??

DEBITS = ALL ASSETS + ALL EXPENSES
CREDITS = ALL LIABILITIES + ALL INCOMES

FORMULA = A + E = L + I

Please remember this for ever.
You will never go wrong again.
ROLCAM
Jan 25, 2009, 04:08 AM
ALSO.

Equity is another form of a LIABILITY .