A Bingo Corporation's board of directors deciared a P950,000 cash dvidend on March 1, 2018, payable on June 1, to shareholders of record on March 15. Prepare all appropriate entries needed on the declaration, record, and payment dates.

A Bingo Corporation's board of directors deciared a P950,000 cash dvidend on March 1, 2018, payable on June 1, to shareholders of record on March 15. Prepare all appropriate entries needed on the declaration, record, and payment dates.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.

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A Bingo Corporation's board of drectors decdared a P950,000 cash dividend on March 1, 2018, payable on June 1, to
shareholders of record on March 15.
Prepare all appropriate entries needed on the declaration, record, and payment dates.

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