ETA’s Board of Directors declared to distribute 15 SR per share as cash dividends on October...
ETA’s Board of Directors declared to distribute 15 SR per share as cash dividends on October 26, 2016. ETA has 12,000,000 common shares outstanding. The dividend will be paid on November 27,2016 to stockholders of record on November 1st. - What are the required entries for this transaction.
Homework Answers
|
Date |
Account Titles & Explanation |
Debit (in SR) |
Credit (in SR) |
|
Oct. 26, 2016 |
Retained Earnings |
180000000 |
|
|
Dividends Payable |
180000000 |
||
|
(For recording declaration of cash dividend) |
|||
|
Nov. 1, 2016 |
No Entry is required |
||
|
Nov. 27, 2016 |
Dividends Payable |
180000000 |
|
|
Cash |
180000000 |
||
|
(For recording payment of dividends) |
|||
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