Cool Company has decided to take their company public on January 1, 2014. Cool company had 1,000 shares authorized. The following transactions occurred.    c.) On March 30, 2015, Cool company declared  a dividend of $1 per share. Record the journal entry for this transaction. Label debits and credits and include classification of each account.  d.) on April 30, 2015, cool company paid the dividend to shareholders. Record the journal entry for the dividend payment. Label debits and credits and include classification of each account.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Cool Company has decided to take their company public on January 1, 2014. Cool company had 1,000 shares authorized. The following transactions occurred. 

 

c.) On March 30, 2015, Cool company declared  a dividend of $1 per share. Record the journal entry for this transaction. Label debits and credits and include classification of each account. 

d.) on April 30, 2015, cool company paid the dividend to shareholders. Record the journal entry for the dividend payment. Label debits and credits and include classification of each account. 

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