Nutritious Pet Food Company's board of directors declares a cash dividend of $5,000 on June 30. At that time, there are 2,800 shares of $7 par value 5% preferred stock outstanding and 7,100 shares of $1 par value common stock outstanding (none held in treasury). What is the journal entry to record the declaration of the dividend? If an amount box does not require an entry, leave it blank. June 30 Cash Dividends Payable Cash Common Stock Retained Earnings (for common stock) Retained Earnings (for preferred stock)
Nutritious Pet Food Company's board of directors declares a cash dividend of $5,000 on June 30. At that time, there are 2,800 shares of $7 par value 5% preferred stock outstanding and 7,100 shares of $1 par value common stock outstanding (none held in treasury). What is the journal entry to record the declaration of the dividend? If an amount box does not require an entry, leave it blank. June 30 Cash Dividends Payable Cash Common Stock Retained Earnings (for common stock) Retained Earnings (for preferred stock)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Nutritious Pet Food Company's board of directors declares a
cash dividend of $5,000 on June 30. At that time, there are
2,800 shares of $7 par value 5% preferred stock
outstanding and 7,100 shares of $1 par value common
stock outstanding (none held in treasury).
What is the journal entry to record the declaration of the
dividend? If an amount box does not require an entry, leave
it blank.
June 30
Cash Dividends Payable
Cash
Common Stock
Retained Earnings (for common stock)
Retained Earnings (for preferred stock)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd98076eb-0482-47e5-8316-d4b90fe4fbfe%2F8ece0e25-40a6-49d9-abe2-a2da5047f909%2Fel2wksa_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Nutritious Pet Food Company's board of directors declares a
cash dividend of $5,000 on June 30. At that time, there are
2,800 shares of $7 par value 5% preferred stock
outstanding and 7,100 shares of $1 par value common
stock outstanding (none held in treasury).
What is the journal entry to record the declaration of the
dividend? If an amount box does not require an entry, leave
it blank.
June 30
Cash Dividends Payable
Cash
Common Stock
Retained Earnings (for common stock)
Retained Earnings (for preferred stock)
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