Entries for cash dividend
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Entries for cash dividend
![**Entries for Cash Dividends**
The declaration, record, and payment dates in connection with a cash dividend of $44,000 on a corporation's common stock are October 1, November 7, and December 15.
Journalize the entries required on each date. If no entry is required, choose "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank.
### Transaction Dates and Entries
**Oct. 1**
- **Description**: Cash Dividends
- **Debits and Credits**: [input fields to be filled by the learner]
**Nov. 7**
- **Description**: [dropdown to choose the appropriate journal entry]
- **Debits and Credits**: [input fields to be filled by the learner]
**Dec. 15**
- **Description**: [dropdown to choose the appropriate journal entry]
- **Debits and Credits**: [input fields to be filled by the learner]
### Instructions
1. For October 1, the entry related to the declaration of cash dividends should be journalized.
2. For November 7, the entry related to the record date of cash dividends should be considered.
3. For December 15, the entry related to the payment of cash dividends should be journalized.
4. If a date does not require a journal entry, select "No Entry Required."
### Additional Notes
- Ensure all entries are accurate to maintain proper financial records.
- The dropdown menus and input fields will guide you through the process.
This exercise helps understand the process of handling cash dividends in accounting, reinforcing the concepts of declaration, record, and payment dates.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0da0a9ed-480c-4a1e-9dd3-aae3fbebf8de%2F0fc1d43d-1379-42cd-8260-bf06347590ff%2Fvy1xzr_processed.jpeg&w=3840&q=75)
Transcribed Image Text:**Entries for Cash Dividends**
The declaration, record, and payment dates in connection with a cash dividend of $44,000 on a corporation's common stock are October 1, November 7, and December 15.
Journalize the entries required on each date. If no entry is required, choose "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank.
### Transaction Dates and Entries
**Oct. 1**
- **Description**: Cash Dividends
- **Debits and Credits**: [input fields to be filled by the learner]
**Nov. 7**
- **Description**: [dropdown to choose the appropriate journal entry]
- **Debits and Credits**: [input fields to be filled by the learner]
**Dec. 15**
- **Description**: [dropdown to choose the appropriate journal entry]
- **Debits and Credits**: [input fields to be filled by the learner]
### Instructions
1. For October 1, the entry related to the declaration of cash dividends should be journalized.
2. For November 7, the entry related to the record date of cash dividends should be considered.
3. For December 15, the entry related to the payment of cash dividends should be journalized.
4. If a date does not require a journal entry, select "No Entry Required."
### Additional Notes
- Ensure all entries are accurate to maintain proper financial records.
- The dropdown menus and input fields will guide you through the process.
This exercise helps understand the process of handling cash dividends in accounting, reinforcing the concepts of declaration, record, and payment dates.
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