Help.Tia pany currently has 185,000 shares of $1 par common stock outstanding an

Question

Help.Tia

pany currently has 185,000 shares of $1 par common stock outstanding and 3,100 shares of $50 par Wang Co preferred stock outstanding. On July 10, the board of directors declared a semiannual dividend of $0.32 per share on common stock to shareholders of record on August 1, payable on August 5. On July 15, the board of directors declared a semiannual dividend of $3 per share on preferred stock to shareholders of record on August 5, payable on August 10. Prepare journal entries for the declaration and payment of the common and preferred stock cash dividends. If an amount box does not require an entry, leave it blank. Page: 1 DOC. POST DATE NO. REF,DEBIT CREDIT 1 20- Jul. 10 3 4 Jul. 15 5 6 7 Aug. 5 8 .5 7. 9 10 Aug 10 NG 541 PM

Explanation / Answer

Journal entry :

Date account title debit Credit July 10 Common stock dividend (185000*.32) 59200      Common stock dividend payable 59200 July 15 Preferred stock dividend (3100*3) 9300     Preferred stock dividend payable 9300 Aug 5 Common stock dividend payable 59200      Cash 59200 Aug 10 Preferred stock dividend payable 9300      Cash 9300

Related Questions

Navigate

• Browse (All)
• Browse H
• Subjects

---

---

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