Prepare a journal entry on January 19 for the payment of $5,500 of dividends.
morgaine300
Jan 28, 2010, 12:32 AM
As for the credit, what do you always credit when you make a payment?
As for the debit, depends on the situation. If this payment is for a dividend declared in December, it would be in a Dividend Payable account and comes out just like paying any other payable.