On the Basis of the Following Information Taken from the Adjusted

question 124

Essay

On the basis of the following information taken from the Adjusted Trial Balance columns of the work sheet for the month ended September 30, prepare the closing entries for Perez Roofing Company.

---

Definitions:

Dividend Income

Income received from owning shares in a company, typically paid out from the company's profits.

Dividend Per Share

The amount of dividend a company pays out to each shareholder for each share they own.

Retained Earnings

The portion of a company's profit that is held back and not paid out as dividends, used for reinvestment in the business or debt repayment.

Stock Split

A corporate action that increases the number of shares in a company by issuing more shares to current shareholders proportional to their ownership.