Question

The declaration, record, and payment dates in connection with a cash dividend of $57,000 on a corporation's common stock are October 1, November 7, and December 15.

Journalize the entries required on each date. If no entry is required, choose "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank.

Oct. 1Cash Dividends

Cash Dividends Payable

Nov. 7No Entry Required

No Entry Required

Dec. 15Cash Dividends Payable

Cash

Answer 1

Journal Entries:

Date	General Journal	Debit	Credit
Oct-01	Retained Earnings	$57,000
	Dividends Payable		$57,000
	(To record declaration of Dividend)
Nov-07	An entry is not needed on the date of record.
Dec-15	Dividends Payable	$57,000
	Cash		$57,000
	(To record payment of Dividend)