Corp. has 7,500 shares of common stock outstanding. It Cheyenne declares a $4 pe

Question

Corp. has 7,500 shares of common stock outstanding. It Cheyenne declares a $4 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31 Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit

Explanation / Answer

Answer:-Journal Entry:-

Declaration Date:-

                                                                                                    Debit                     Credit

Nov. 1:- Cash Dividends (7500 shares *$4)                               $30000

                       Dividends Payable                                                                            $30000

Record Date:-

Dec 1:- No Entry                                                                              0

                                                                                                                                      0

Payment Date:-

Dec 31:- Dividends payable                                                     $30000

                        Cash                                                                                                  $30000

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