Nutritious Pet Food Company's board of directors declares a cash dividend of $5,000 on June 30. At that time, there are 2,800 shares of $7 par value 5% preferred stock outstanding and 7,100 shares of $1 par value common stock outstanding (none held in treasury). What is the journal entry to record the declaration of the dividend? If an amount box does not require an entry, leave it blank. June 30 Cash Dividends Payable Cash Common Stock Retained Earnings (for common stock) Retained Earnings (for preferred stock)

Nutritious Pet Food Company's board of directors declares a cash dividend of $5,000 on June 30. At that time, there are 2,800 shares of $7 par value 5% preferred stock outstanding and 7,100 shares of $1 par value common stock outstanding (none held in treasury). What is the journal entry to record the declaration of the dividend? If an amount box does not require an entry, leave it blank. June 30 Cash Dividends Payable Cash Common Stock Retained Earnings (for common stock) Retained Earnings (for preferred stock)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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