In: Accounting
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.
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)