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On November 1,2018,Worldwide,Inc

question 164

Essay

On November 1,2018,Worldwide,Inc.declared a dividend of $3.00 per share.Worldwide,Inc.has 20,000 shares of common stock outstanding and no preferred stock.Prepare the journal entry to record this transaction.Omit explanation.


Definitions:

Account Balance

The amount of money in a financial repository, such as a checking account or investment account, at any given time.

Posting Omitted

An error occurring when a financial transaction is not recorded in the appropriate ledger, potentially affecting financial statements.

Trial Balance Preparation

The process of compiling the balances of all ledger accounts into a report to verify that the total of debit balances equals the total of credit balances, indicating correctly recorded transactions.

Account Balance

The amount of money in a financial repository, such as a checking or savings account, at any given moment.

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