The Following Information and Transactions Took Place During 2020 Prepare Journal Entries for the Above Transactions

question 111

Essay

The following information and transactions took place during 2020:
$\begin{array}{|l|l|}\hline \text { May-18 } & \begin{array}{l}\text { Declared a } \$ 8 \text { per share cash dividend on } 20,000 \text { common shares issued and } \\\text { outstanding. }\end{array} \\\hline \text { Jul-2 } & \text { Paid the cash dividends declared on May } 18 \text {. } \\\hline \text { Aug-31 } & \begin{array}{l}\text { Preparing closing entries. The balance in the income summary is } \$ 45,000 \\\text { credit. }\end{array} \\\hline\end{array}$ Prepare journal entries for the above transactions.

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Definitions:

Smooth Muscles

Involuntary, non-striated muscles found in the walls of internal organs and blood vessels, controlling their movements.

Voluntary Muscles

Muscles that can be consciously controlled by the individual, such as skeletal muscles that move parts of the body.

Cramp

A sudden, involuntary contraction of a muscle or group of muscles causing pain.

Skeletal Muscles

Muscles attached to bones that are responsible for movement of the body.