The declaration, record, and payment dates in connection with a cash dividend of $428,000 on a corporation's common stock are Februaly 28, Aprl 1, and May 15. Required: Journalize the entries required on each date. If no entry is required, simply skip to the next transaction. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

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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The declaration, record, and payment dates in connection with a cash dividend of $428,000 on a corporation's common stock are February 28, April 1, and May 15.
Required:
Journalize the entries required on each date. If no entry is required, simply skip to the next transaction. Refer to the chart of accounts for the
exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or
credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
Chart of Accounts
CHART OF ACCOUNTS
General Ledger
REVENUE
ASSETS
110 Cash
410 Sales
120 Accounts Receivable
610 Interest Revenue
131 Notes Receivable
132 Interest Receivable
EXPENSES
141 Merchandise Inventory
510 Cost of Merchandise Sold
Transcribed Image Text:Instructions 能 The declaration, record, and payment dates in connection with a cash dividend of $428,000 on a corporation's common stock are February 28, April 1, and May 15. Required: Journalize the entries required on each date. If no entry is required, simply skip to the next transaction. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Chart of Accounts CHART OF ACCOUNTS General Ledger REVENUE ASSETS 110 Cash 410 Sales 120 Accounts Receivable 610 Interest Revenue 131 Notes Receivable 132 Interest Receivable EXPENSES 141 Merchandise Inventory 510 Cost of Merchandise Sold
145 Office Supplies
515 Credit Card Expense
151 Prepaid Insurance
520 Salaries Expense
181 Land
531 Advertising Expense
193 Equipment
532 Delivery Expense
194 Accumulated Depreciation-Equipment
533 Selling Expenses
534 Rent Expense
LIABILITIES
535 Insurance Expense
210 Accounts Payable
536 Office Supplies Expense
221 Notes Payable
537 Organizational Expenses
226 Interest Payable
562 Depreciation Expense-Equipment
590 Miscellaneous Expense
231 Cash Dividends Payable
710 Interest Expense
236 Stock Dividends Distributable
241 Salaries Payable
261 Mortgage Note Payable
EQUITY
311 Common Stock
312 Paid-In Capital in Excess of Par-Common Stock
315 Treasury Stock
321 Preferred Stock
322 Paid-In Capital in Excess of Par-Preferred Stock
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Transcribed Image Text:145 Office Supplies 515 Credit Card Expense 151 Prepaid Insurance 520 Salaries Expense 181 Land 531 Advertising Expense 193 Equipment 532 Delivery Expense 194 Accumulated Depreciation-Equipment 533 Selling Expenses 534 Rent Expense LIABILITIES 535 Insurance Expense 210 Accounts Payable 536 Office Supplies Expense 221 Notes Payable 537 Organizational Expenses 226 Interest Payable 562 Depreciation Expense-Equipment 590 Miscellaneous Expense 231 Cash Dividends Payable 710 Interest Expense 236 Stock Dividends Distributable 241 Salaries Payable 261 Mortgage Note Payable EQUITY 311 Common Stock 312 Paid-In Capital in Excess of Par-Common Stock 315 Treasury Stock 321 Preferred Stock 322 Paid-In Capital in Excess of Par-Preferred Stock Next Previous
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