Question

Entries for Cash Dividends

The declaration, record, and payment dates in connection with a cash dividend of $99,000 on a corporation's common stock are February 1, March 18, and May 1.

Journalize the entries required on each date. If no entry is required, select "No Entry Required" and leave the amount boxes blank.

Feb. 1
Mar. 18
May. 1

Answer 1

Answer:

Date	Accounts titles and Explanation	Debit ($)	Credit ($)
Feb-01	Cash dividend	99,000
	Dividend payable		99,000
	(To record dividend declaration)
Mar-18	No entry
May-01	Dividend payable	99,000
	Cash		99,000
	(To record dividend paid)