Basse corporation has 7,000 shares of common stock outstanding. it declares a $1 per share cash dividend on november 1 to stockholders of record on december 1. the dividend is paid on december 31. prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend

November 1, declaration of cash dividends

December 31, distribution of cash dividends

Explanation:

The cash dividends will decrease the retained earnings account, since retained earnings is an equity account, when it decreases it has to be debited.

Dividends payable account is a liability account created when the company declared the dividends and it is cancelled when the company pays the dividends.

answerconversion factor;

the answer is "b.the increased supply will create a surplus. "

the essential thought behind price controls is straightforward - utilize the power of law to modify the equilibrium of a market. for instance, the legislature may choose that the steel business needs to survive, and in this way pass a law to set a value floor on steel. this implies all steel sold must offer at or over the floor value, which must be set over the equilibrium cost for it to have any impact. the switch could likewise happen - the administration can choose that steel is excessively costly and set a value roof underneath its equilibrium value, with the goal that all steel must be sold at or beneath that ceiling.