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Red Corp. has 9,400 shares of common stock outstanding. It declares a $4 per share cash...

Red Corp. has 9,400 shares of common stock outstanding. It declares a $4 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31.

Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

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Answer #1

Answer:

Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend

Date

General journal

Debit

Credit

1-Nov

Cash Dividends (9400 shares *$4)

37600

Dividends Payable

37600

(To record the Declaration of dividend)

1-Dec

No Entry

(At record date No entry Is required)

31-Dec

Cash Dividends

37600

Cash

37600

(To record the payment of dividend)
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