3. it is december 31st, which means it is time for you to close the books on
the year. refer to the information below and journalize the closing entries for
brett kauffman enterprises:
brett kauffman enterprises
dividends, $9,000
service revenue, $24,300

a. A a result, Brett Kauffman Enterprises would Debit dividends payable account by $9,000 and credit cash by $9,000.

b. As a result, Brett Kauffman Enterprises would credit the service revenue account by $24,300 and debit cash by $24,300.

Explanation:

We can first begin by stating the terms dividend and service revenue to better understand the question.

1. Dividend

Dividends payable is a liability that comes into account when the cash dividends are paid to the stockholders.

2. Service revenue

Service revenue is payment for services rendered. It can be in the form of cash or promissory note.

a). Journal entry required at the time of payment of cash dividends:

Account Type                                Debit                         Credit

Dividends payable                        9,000

Cash                                                                                  9,000

A a result, Brett Kauffman Enterprises would Debit dividends payable account by $9,000 and credit cash by $9,000.

b). Journal entry required for services rendered for cash:

Account Type                                Debit                         Credit

Service revenue                                                             24,300

Cash                                              24,300

As a result, Brett Kauffman Enterprises would credit the service revenue account by $24,300 and debit cash by $24,300.

answerindustrial revolution;