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Problem 3: The following selected accounts are taken from the general ledger of the Little Milton...

Problem 3: The following selected accounts are taken from the general ledger of the Little Milton Company.

Accumulated Depreciation               $10,000

Depreciation Expense 7,000

Retained Earnings 20,000

Salaries and Wages Expense              18,000

Service Revenue 31,000

Dividends of $12,000 were paid during the year and are not reflected in the balance of retained earnings above.

Required:

  1. Prepare the journal entry to record the dividends paid durning the year.
  2. Prepare the closing entries for the year.
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