Homework Answers
| Date | General Journal | Debit | Credit |
| Dec. 1 | Retained earnings | $500,000 | |
| Dividend payable | $500,000 | ||
| Dec. 16 | No Entry | ||
| Dec. 31 | Dividend payable | $500,000 | |
| Cash | $500,000 |
Dividend payable = Number of shares outstanding x Dividend per share
= 100,000 x 5
= $500,000
Kindly comment if you need further assistance. Thanks‼!
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