Sunland Company has 7,200 shares of common stock outstanding. It declares a $2 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. (Record journal entries ir order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no en required, select "No Entry for the account titles and enter O for the amounts.)
Sunland Company has 7,200 shares of common stock outstanding. It declares a $2 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. (Record journal entries ir order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no en required, select "No Entry for the account titles and enter O for the amounts.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Sunland Company has 7,200 shares of common stock outstanding. It declares a $2 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. (Record journal entries in the
order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is
required, select "No Entry" for the account titles and enter O for the amounts.)
Date
Account Titles and Explanation
Debit
Credit
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