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AJAC inc. declared and paid a dividend of 4,000 all on the same day. What is...

AJAC inc. declared and paid a dividend of 4,000 all on the same day. What is the journal entry?

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Answer #1
Date Account title and explanation Debit $ Credit $
(a) Dividend $          4,000
Dividend payable $      4,000
( To record declaration of dividend)
(b) Dividend payable $          4,000
Cash $      4,000
( To record payment of dividend)
(c ) Retained Earnings $          4,000
Dvidend $      4,000
( To close the dividend to retained earnings)
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