A cash dividend was paid in the amount of 3,400. how would I make a journal...

A cash dividend was paid in the amount of 3,400.

how would I make a journal entry for this?

Solutions

Expert Solution

Step:1 Definition of cash Dividend

Cash Dividend is the amount which company distribute to its stockholders in cash from its accumulated profit or its retained earning

Step: 2 Basic concept

The board of director declare the dividend first only then they can pay it to its stockholders (Dividends are always based on shares outstanding). Therefore Two dates are mandatory ie, Dividend declaration date and Dividend payment date.

first entry in the below mentioned journal entries will be recorded on dividend declaration date
and second entry will be recorded on dividend payment date.

Step: 3 Journal entries are as follow

ekkarill92 answered 2 years ago

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