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    fpsb's Avatar
    fpsb Posts: 18, Reputation: 0
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    #1

    Jan 26, 2009, 07:09 PM
    Debits and credits
    What are Common Stock Dividends Distributable increased by?

    What are Income Taxes Payable increased by?
    codyman144's Avatar
    codyman144 Posts: 544, Reputation: 31
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    #2

    Jan 26, 2009, 10:49 PM

    What do you think? At least try to answer the question first...
    fpsb's Avatar
    fpsb Posts: 18, Reputation: 0
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    #3

    Jan 27, 2009, 01:02 PM

    I think both are increased by a debit.
    codyman144's Avatar
    codyman144 Posts: 544, Reputation: 31
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    #4

    Jan 27, 2009, 01:50 PM

    Both are Liabilities, does that change your answer?
    fpsb's Avatar
    fpsb Posts: 18, Reputation: 0
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    #5

    Jan 27, 2009, 05:47 PM

    They are increased by a credit
    codyman144's Avatar
    codyman144 Posts: 544, Reputation: 31
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    #6

    Jan 27, 2009, 05:52 PM

    So if you were to book the entry for income taxes payable what would it be?
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