### Entries for Cash Dividends#### InstructionsThe declaration, record, and payment dates in connection with a cash dividend of $659,000 on a corporation's common stock are February 28, April 1, and May 15.Journalize the entries required on each date. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles.---#### Journal | Date | Description | Post. Ref. | Debit | Credit | Assets | Liabilities | Equity ||------------|---------------|------------|-------|--------|--------|-------------|--------|| | | | | | | | || | | | | | | | || | | | | | | | || | | | | | | | |---#### Explanation of Graphs/DiagramsThis section includes a table labeled "Journal" for recording journal entries relevant to the cash dividend process. The table specifies columns for the date, description, posting reference, debit, credit, and the effects on the accounting equation (assets, liabilities, and equity). Each row of the table is intended for individual journal entries pertaining to the declaration, record, and payment of the cash dividend.

Record date is the date on which the list of shareholders entitiled to receive dividend is…

Answered: The declaration, record, and payment…

The declaration, record, and payment dates in connection with a cash dividend of $659,000 on a corporation's common stock are February 28, April 1, and May 15.

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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Concept explainers

Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.

Question

### Entries for Cash Dividends

#### Instructions
The declaration, record, and payment dates in connection with a cash dividend of $659,000 on a corporation's common stock are February 28, April 1, and May 15.

Journalize the entries required on each date. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles.

---

#### Journal

| Date | Description | Post. Ref. | Debit | Credit | Assets | Liabilities | Equity |
|------------|---------------|------------|-------|--------|--------|-------------|--------|
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |

---

#### Explanation of Graphs/Diagrams
This section includes a table labeled "Journal" for recording journal entries relevant to the cash dividend process. The table specifies columns for the date, description, posting reference, debit, credit, and the effects on the accounting equation (assets, liabilities, and equity). Each row of the table is intended for individual journal entries pertaining to the declaration, record, and payment of the cash dividend.

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