Entries for Cash Dividends The declaration, record, and payment dates in connection with a cash dividend of $57,700 on a corporation's common stock are July 9, August 31, and October 1 Journalize the entries required on each date. If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. July 9 Aug. 31 Oct. 1

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Entries for Cash Dividends
The declaration, record, and payment dates in connection with a cash dividend of $57,700 on a corporation's common stock are July 9, August 31, and October 1.
Journalize the entries required on each date.
If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank.
July 9
Aug. 31
Oct. 1
Transcribed Image Text:Entries for Cash Dividends The declaration, record, and payment dates in connection with a cash dividend of $57,700 on a corporation's common stock are July 9, August 31, and October 1. Journalize the entries required on each date. If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. July 9 Aug. 31 Oct. 1
Expert Solution
Explanation -

Dividend -

Dividend is the amount from the profit earned by the company to their shareholders. it is declared and paid out of the profit earned by the company.

Dividend only pays to the outstanding common shareholder's and not the treasury stocks.

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