2. Nutritious Pet Food Company’s board of directors declares a cash dividend of $1.00 per common share on November 12. On this date, the company has issued 12,000 shares but 2,000 shares are held as treasury shares. The company pays the dividend on December 14.Treasury StockBuildingCommon StockAdditional Paid-in Capital from Common StockCashLandRetained EarningsCommon Stock Dividend DistributableCash Dividends PayablePreferred StockEquipmentAdditional Paid-in Capital from Preferred StockWhat is the journal entry to record the declaration of this dividend?PLEASE NOTE: For accounts having similar accounting treatment (DR or CR), you are to record accounts in the same order as shown in the textbook. You must enter the account names exactly as written above and all whole dollar amounts will be with "$" and commas as needed (i.e. $12,345).Nov. 12 - Declared a cash dividend of $1.00 per common stock share: DR CR Dec. 14 - Payment of the cash dividend:DR CR

The journal entries are prepared to record the transactions on regular basis. The dividend is…

Answered: Nutritious Pet Food Company’s board of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

Nutritious Pet Food Company’s board of directors declares a cash dividend of $1.00 per common share on November 12. On this date, the company has issued 12,000 shares but 2,000 shares are held as treasury shares. The company pays the dividend on December 14.

Treasury Stock	Building	Common Stock
Additional Paid-in Capital from Common Stock	Cash	Land
Retained Earnings	Common Stock Dividend Distributable	Cash Dividends Payable
Preferred Stock	Equipment	Additional Paid-in Capital from Preferred Stock

What is the journal entry to record the declaration of this dividend?

PLEASE NOTE: For accounts having similar accounting treatment (DR or CR), you are to record accounts in the same order as shown in the textbook. You must enter the account names exactly as written above and all whole dollar amounts will be with "$" and commas as needed (i.e. $12,345).