The declaration, record, and payment dates in connection with a cash dividend of $66,000 on a...

The declaration, record, and payment dates in connection with a cash dividend of $66,000 on a corporation's The stock outstanding when a corporation has issued only one class of stock.common stock are February 1, March 18, and May 1.

Journalize the entries required on each date.

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Expert Solution

Journal entry

1 feb Dividend A/c Dr. $ 66000

To dividend payable A/c $ 66000

(Dividend declared in meeting)

18 March No entry on this date

1 May Dividend payable A/c Dr. $ 66000

To Cash A.c $ 66000

(Cash dividend paid)

ekkarill92 answered 9 months ago

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