FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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The dates of importance in connection with a cash dividend of $81,000 on a corporation’s common stock are January 15 and March 15.
Required:
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Transcribed Image Text:JOURNAL
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
1
2
3
4
Expert Solution
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Step 1
| Date | Description | Post Ref | Debit | Credit |
| Jan -15 |
Date of Declaration Retaining Earning----DR To Dividends Payable |
$81000 |
$81000 |
|
| Feb-15 |
Date of Record
No Entry |
|||
| Mar-15 |
Date of Payment Dividends Payable-----------DR To Cash |
$81000 |
$81000 |
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