Question

The declaration, record, and payment dates in connection with a cash dividend of $29,200 on a corporation's common stock are July 9, August 31, and October

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

July 9

Aug. 31

Oct. 1

Answer 1

Date	Accounts and Explanations	Debit	Credit
July 9	Retained Earnings	$      29,200
	Dividends Payable - Common Stock		$      29,200
August 31	No Entry Required
October 1	Dividends Payable - Common Stock	$      29,200
	Cash		$      29,200

Note: Please refer to chart of Accounting titles for the exact accounting titles provided in your question. (Your question mat specify Accounting title as "Dividend Declared - Common Stock" instead of "Dividends Payable - Common Stock". So please check the accounting titles provided.)