Answer:
Feb. 1 Cash Dividends 480,000
Cash Dividends Payable 480,000
Mar. 18 No entry required.
May 1 Cash Dividends Payable 480,000
Cash 480,000
PE 13-3B Entries for cash dividends
The declaration, record, and payment dates in connection with a cash dividend of $480,000 on a corporation’s common stock are February 1, March 18, and May 1. Journalize the entries required on each date.
Answer:
Feb. 1 Cash Dividends 480,000
Cash Dividends Payable 480,000
Mar. 18 No entry required.
May 1 Cash Dividends Payable 480,000
Cash 480,000
Answer:
Feb. 1 Cash Dividends 480,000
Cash Dividends Payable 480,000
Mar. 18 No entry required.
May 1 Cash Dividends Payable 480,000
Cash 480,000