Question 6 on hw On March 15, Amanican Eagle declares a quarterly cash dvidend o

Question

Question 6 on hw

On March 15, Amanican Eagle declares a quarterly cash dvidend of $0.125 per share payable on April 13 to all stockhoiders of record on March 30, Required: Record American Eagle's declaration and peyment of cash dividends for its 210 milion shares. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answer in dollars, not in millions (i.e. 5.5 should be entered as 5,500,000)) entered ?? View transaction list Journal entry worksheet Record the declaration of cash dividands. Note: Enter debits before credits. General Journal March 1 Record entry Clear entry Vlew general journal

Explanation / Answer

American Eagle Financial Year 20XX-20XX Journal Entry Worksheet Date General journal Debit($) Credit($) Mar-15 Retained Earnings A/c Dr.           2,62,50,000    To Dividend Payable A/c         2,62,50,000 (Being the declaration of quarterly dividend of $0.125 on 210million shares) Mar-30 No entry Apr-13 Dividend Payable A/c Dr           2,62,50,000    To Cash A/c         2,62,50,000 (Being the payment of quarterly dividend in cash)

Related Questions

Navigate

• Browse (All)
• Browse Q
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.