Exercise 12-12 Cash Dividends Bennett Corporation has 500,000 authorized shares

Question

Exercise 12-12
Cash Dividends

Bennett Corporation has 500,000 authorized shares of $1 par value common stock, of which 200,000 are issued, including 20,000 shares of treasury stock. On October 15, the corporation’s board of directors declared a cash dividend of $0.50 per share payable on November 15 to stockholders of record on November 1.

Record these events using T accounts.

Exercise 12-12
Cash Dividends

Bennett Corporation has 500,000 authorized shares of $1 par value common stock, of which 200,000 are issued, including 20,000 shares of treasury stock. On October 15, the corporation’s board of directors declared a cash dividend of $0.50 per share payable on November 15 to stockholders of record on November 1.

Record these events using T accounts.

Cash SelectOct. 15Nov. 15Item 1 Dividends Payable SelectOct. 15Nov. 15Item 3 SelectOct. 15Nov. 15Item 5 Dividends SelectOct. 15Nov. 15Item 7

Explanation / Answer

T account :

Cash Nov 15 90000 Dividend payable Nov 15 90000 Oct 15 90000 Dividends Oct 15 90000

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