On May 1, Year 3, Love Corporation declared a $60,000 cash dividend to be paid on May 31 to shareholders of record on May 15. Required Record the events occurring on May 1 and May 31 in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). If an element was not affected by the event, leave the cell blank. (Enter any decreases to account balances with a minus sign.) Date Assets May 1 May 31 ||||||| Balance Sheet Liabilities + + Common Stock LOVE CORPORATION Horizontal Statements Model + Retained Earnings Revenue Income Statement Expense Net Income Statement of Cash Flow

Principles of Accounting Volume 1
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ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter16: Statement Of Cash Flows
Section: Chapter Questions
Problem 1PA: Provide journal entries to record each of the following transactions. For each, also identify *the...
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On May 1, Year 3, Love Corporation declared a $60,000 cash dividend to be paid on May 31 to shareholders of record on May 15.
Required
Record the events occurring on May 1 and May 31 in a horizontal statements model. In the Cash Flow column, indicate whether the
item is an operating activity (OA), investing activity (IA), or financing activity (FA). If an element was not affected by the event, leave the
cell blank. (Enter any decreases to account balances with a minus sign.)
Date
May 1
May 31
Assets
Balance Sheet
Liabilities +
+
+
Common
Stock
LOVE CORPORATION
Horizontal Statements Model
+
+
Retained
Earnings
Revenue
Income Statement
Expense
|||||
=
Net Income
Statement of Cash
Flow
Transcribed Image Text:On May 1, Year 3, Love Corporation declared a $60,000 cash dividend to be paid on May 31 to shareholders of record on May 15. Required Record the events occurring on May 1 and May 31 in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). If an element was not affected by the event, leave the cell blank. (Enter any decreases to account balances with a minus sign.) Date May 1 May 31 Assets Balance Sheet Liabilities + + + Common Stock LOVE CORPORATION Horizontal Statements Model + + Retained Earnings Revenue Income Statement Expense ||||| = Net Income Statement of Cash Flow
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