FINANCIAL ACCOUNTING
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ISBN: 9781259964947
Author: Libby
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Transcribed Image Text:A company declared a cash dividend of $.35 per common share to the shareholders of record on July
15. The cash dividend will be paid on July 31. This company has 500,000 shares authorized and
100,000 shares outstanding. What is the entry to record the payment on the payment date?
O debit Common Dividend Payable 35,000 and credit Cash 35,000
O debit Common Dividend Payable 175,000 and credit Cash 175,000
O no entry on payment date
O debit Retained Earnings 175,000; credit Common Dividend Payable 175,000
79°F Rain t
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- Please do not give solution in image formatarrow_forwardOn June 30, the board of directors of Dive Inn, Inc., declared a cash dividend of $0.20 per share on its $2 par value, 100,000 common shares outstanding. The date of record is the close of business on July 7, payable July 31. The entry to record the declaration of the dividend on June 30 includes ______. (Select all that apply.) debit Dividends $200,000 There is no entry made on June 30. debit Dividends Payable $20,000 credit Dividends Payable $2,000 credit Cash $200,000 debit Dividends $20,000 credit Dividends Payable $20,000 credit Cash $20,000arrow_forwardThe declaration, record, and payment dates in connection with a cash dividend of $61,000 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. 1 Cash Dividends Cash Dividends Payable Nov. 7 No Entry Required No Entry Required Dec. 15 Cash Dividends Payable Casharrow_forward
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