Question

In: Accounting

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.

Solutions

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)


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