Cash Dividends King Tut Corporation issued 19,000 shares of common stock, all of
ID: 2475571 • Letter: C
Question
Cash Dividends
King Tut Corporation issued 19,000 shares of common stock, all of the same class; 12,000 shares are outstanding and 7,000 shares are held as treasury stock. On December 1, 2013, King Tut's board of directors declares a cash dividend of $0.50 per share payable on December 15, 2013, to stockholders of record on December 10, 2013.
Required:
Prepare the appropriate journal entries for the (a) date of declaration, (b) date of record, and (c) date of payment. If no entry is required, type "No entry required" and leave the amount boxes blank.
(a)
Correct 2
Correct 3
Correct 4
Correct 5
(b)
Correct 7
Correct 8
Correct 9
Correct 10
(c)
Correct 12
Correct 13
Correct 14
Correct 15
HidePrepare the appropriate journal entries for the (a) date of declaration, (b) date of record, and (c) date of payment. If no entry is required, type "No entry required" and leave the amount boxes blank.
(a)
Correct 2
Correct 3
Correct 4
Correct 5
(b)
Correct 7
Correct 8
Correct 9
Correct 10
(c)
Correct 12
Correct 13
Correct 14
Correct 15
Explanation / Answer
a) Date of declaration:
Dece. 1 .2013 Retained earnins Dr 6,000
To Dividend payable 6,000
(Being dividend declared on 12,000 shares @ .50 per share)
b) On record date
No entry required
c) Date of payment
Dec.15.2013 Dividend payable 6,000
To Cash 6,000
(Being dividend paid )
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