Question

QS 13-6 Accounting for cash dividends LO P2

July		15		Declared a cash dividend payable to common stockholders of $161,000.
Aug.		15		Date of record is August 15 for the cash dividend declared on July 15.
Aug.		31		Paid the dividend declared on July 15.

Prepare journal entries to record the above transactions for Emerson Corporation. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
  

Journal entry worksheet

Record the declaration of a cash dividend payable to common stockholders.

Note: Enter debits before credits.

	Date General Journal Debit Credit Jul 15

Journal entry worksheet

Record the date of record for the cash dividend.

Note: Enter debits before credits.

	Date General Journal Debit Credit Aug 15 Journal entry worksheet Record the payment of cash dividend. Note: Enter debits before credits. Date General Journal Debit Credit Aug 31

Problem 13-3A Equity analysis-journal entries and account balances LO P2

At September 30, the end of Beijing Company’s third quarter, the following stockholders’ equity accounts are reported.

Common stock, $14 par value	$	480,000
Paid-in capital in excess of par value, common stock		120,000
Retained earnings		340,000

In the fourth quarter, the following entries related to its equity are recorded:

Date	General Journal	Debit	Credit
Oct. 2	Retained Earnings	60,000
	Common Dividend Payable		60,000
Oct. 25	Common Dividend Payable	60,000
	Cash		60,000
Oct. 31	Retained Earnings	67,000
	Common Stock Dividend Distributable		32,000
	Paid-In Capital in Excess of Par Value, Common Stock		35,000
Nov. 5	Common Stock Dividend Distributable	32,000
	Common Stock, $14 Par Value		32,000
Dec. 1	Memo—Change the title of the common stock
	account to reflect the new par value of $4.
Dec. 31	Income Summary	300,000
	Retained Earnings		300,000

Required:
2. Complete the following table showing the equity account balances at each indicated date.

	Oct. 2 Oct. 25 Oct. 31 Nov. 5 Dec. 1 Dec.31 Common stock Common stock dividend distributable Paid-in capital in excess of par, Common stock Retained earnings Total equity $0 $0 $0 $0 $0 $0

Answer 1

Answer:-13-6:-

Date	General Journal			Debit	Credit
				$	$
Jul-15	Retained earnings			161000
	Common dividend payable				161000
	(Being dividend declared)
Aug-15	No journal entry required
Aug-31	Common dividend payable			161000
	Cash				161000
	(Being dividend paid)

Answer-(13-13A):-

	Table showing the equity account balances
Particulars	Oct.2	Oct.25	Oct.31	Nov.5	Dec.1	Dec.31
	$	$	$	$	$	$
Common stock	480000	480000	480000	480000+32000=512000	512000	512000
Common stock dividend distributable	0	0	32000	0	0	0
Paid in capital in excess of par,Common stock	120000	120000	120000+35000=155000	155000	155000	155000
Retained earnings	340000-60000=280000	280000	280000-67000=213000	213000	213000	213000+300000=513000
Total Equity	880000	880000	880000	880000	880000	1180000