Question

Slaneders & Sons Company has 1,000,000 authorized shares of $20 par value common stock. As of...

Slaneders & Sons Company has 1,000,000 authorized shares of $20 par value common stock. As of June 30, 2012, there were 500,000 shares issued and outstanding. On June 30, 2012, the board of directors declared a $0.30 per share cash dividend to be paid on August 1, 2012.

Instructions

Prepare the necessary journal entries to be recorded on (a) the date of declaration, (b) the date of record and (c) payment date.

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Homework Answers

Answer #1

Date

Account Title & Explanation

Debit

Credit

(a)

June 30,2012

Retained Earnings   (500000 x $0.30)

$150000

     Dividend payable

$150000

(To Record of Dividend Declare)

(b)

No Entry

0

0

(No entry required for record of date)

(c)

Aug 01 , 2012

Dividend payable

$150000

   Cash

$150000

(To record the payment of dividend)
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