### Pronghorn Corp Dividend Declaration and PaymentPronghorn Corp has declared a cash dividend of $3 per share for its 8,300 shares of common stock outstanding. Key dates related to the declaration and payment of this dividend are as follows:- **Declaration Date:** November 1- **Record Date:** December 1- **Payment Date:** December 31To properly account for this dividend, entries need to be made on the appropriate dates:1. **November 1**: Record the declaration of the dividend.2. **December 1**: No journal entry is required on the record date.3. **December 31**: Record the payment of the dividend.### Journal Entries StructureFor each entry, record the following details:- **Date**: The specific date the entry is recorded.- **Account Titles and Explanation**: Describe the nature of the transaction and the accounts affected.- **Debit/Credit**: Record the monetary amounts in the appropriate columns.**Note:** Credit account titles are automatically indented when the amount is entered. There is no need to manually indent.For accounts where no entry is required, select "No Entry" and enter 0 for the amounts. Ensure that journal entries are recorded in the sequence presented above.

Cash dividend for the journal entries will be $24,900 (8300 shares * $3)

Pronghorn Corp has 8,300 shares of common stock outstanding. It declares a $3 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31. Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit

Pronghorn Corp has 8,300 shares of common stock outstanding. It declares a $3 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31. Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit

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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