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Entries for Cash Dividends The declaration, record, and payment dates in connection with a cash dividend...

Entries for Cash Dividends

The declaration, record, and payment dates in connection with a cash dividend of $39,000 on a corporation's common stock are February 1, March 18, and May 1.

Journalize the entries required on each date. If no entry is required, select "No Entry Required" and leave the amount boxes blank.

Feb. 1
Mar. 18
May. 1
Business   Accounting   
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Answer #1

Solution

Date General Journal Debit Credit
1-Feb Cash dividend $    39,000.00
Dividends Payable $    39,000.00
(To record declaration of Dividend)
18-Mar No Entry Required
No Entry Required
1-May Dividends Payable $    39,000.00
Cash $      39,000.00
(To record distribution of Dividend)

No entry is required on record date.

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