Jen Company declared a $0.25 per share cash dividend. The company has 500,000 shares authorized, 400,000 shares issued, and 25,000 shares in treasury stock. Required: Prepare the journal entry to record the payment of the dividend.

Jen Company declared a $0.25 per share cash dividend. The company has 500,000 shares authorized, 400,000 shares issued, and 25,000 shares in treasury stock. Required: Prepare the journal entry to record the payment of the dividend.

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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Jen Company declared a $0.25 per share cash dividend. The company has 500,000 shares authorized, 400,000 shares issued, and 25,000 shares in treasury stock.
Required: Prepare the journal entry to record the payment of the dividend.

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