Accounting: Dividend Entry for Credited Amount
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Questions and Answers

Which account was originally credited with the dividend received?

  • Shakira's business account (correct)
  • The bank's operating account
  • A suspense account
  • Shakira's personal account

    • What is the correct entry to rectify the error?

  • Debit business account, credit bank's operating account
  • Debit personal account, credit business account
  • Debit suspense account, credit personal account
  • Debit business account, credit personal account (correct)

    • Why was the correction entry necessary?

  • The dividend was credited to the wrong account (correct)
  • The dividend was for the wrong amount
  • The dividend was not authorized
  • The dividend was incorrect

    • What was the amount of the dividend received?

    <p>62 Dollar (B)</p> Signup and view all the answers

    What type of error occurred in the bank's transaction?

    <p>Posting error (A)</p> Signup and view all the answers

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