On March 15, Summit Hawk declares a quarterly cash dividend of $0.035 per share payable on April 13 to all stockholders of record on March 30. Required: Record Summit Hawk's declaration and payment of cash dividends for its 228 million shares. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. $5.5 million should be entered as 5,500,000).)
On March 15, Summit Hawk declares a quarterly cash dividend of $0.035 per share payable on April 13 to all stockholders of record on March 30. Required: Record Summit Hawk's declaration and payment of cash dividends for its 228 million shares. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. $5.5 million should be entered as 5,500,000).)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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PLEASE FALLOW THE PICTURE FOR A BETTER UNDERSTANDING
On March 15, Summit Hawk declares a quarterly cash dividend of $0.035 per share payable on April 13 to all stockholders of record on March 30.
Required:
Record Summit Hawk's declaration and payment of cash dividends for its 228 million shares. (If no entry is required for a particular transaction/event, select "No
![Journal entry worksheet
1
2
3
>
Record the entry on the date of record.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
March 30
Record entry
Clear entry
View general journal](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc4ce3023-ad43-45bb-b669-17dba3e4951e%2F4552c973-2f93-4c29-85da-7e3fc2f861e8%2Fwjv16k8_processed.png&w=3840&q=75)
Transcribed Image Text:Journal entry worksheet
1
2
3
>
Record the entry on the date of record.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
March 30
Record entry
Clear entry
View general journal
![Journal entry worksheet
1
2
>
Record the declaration of cash dividends.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
March 15
Record entry
Clear entry
View general journal](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc4ce3023-ad43-45bb-b669-17dba3e4951e%2F4552c973-2f93-4c29-85da-7e3fc2f861e8%2Ffs40sqf_processed.png&w=3840&q=75)
Transcribed Image Text:Journal entry worksheet
1
2
>
Record the declaration of cash dividends.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
March 15
Record entry
Clear entry
View general journal
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