Travis Corporation expected to pay its stockholders a dividend in January, 2014. The cash dividend of $75,000 was declared on December 31, 2013.
Homework Answers
| Date | Account | Debit | Credit |
| Dec 31 | Cash dividend | 75,000 | |
| Dividends payable | 75,000 |
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Travis Corporation expected to pay its stockholders a dividend
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Common stock—$15 par value, 100,000 shares authorized,
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Paid-in capital in excess of par value, common stock
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Retained earnings
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Total stockholders' equity
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equity accounts.
Jan.
1
Purchased 5,000 shares of its own stock at $20 cash per
share.
Jan.
5
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