EX 13-9 Entries for cash dividends

The declaration, record, and payment dates in connection with a cash dividend of $365,850 on a corporation’s common stock are April 1, May 1, and June 3. Journalize the entries required on each date.


Answer:

Apr. 1 Cash Dividends .................................................... 365,850
 Cash Dividends Payable ................................ 365,850
May 1 No entry required.
June 3 Cash Dividends Payable...................................... 365,850
 Cash................................................................. 365,850 

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