Whispering Corporation has 11 million shares of common stock issued and outstanding. On June 1, the board of directors votedan 76 cents per share cash dividend to stockholders of record as of June 14, payable June 30.(a)Your answer is correct.Prepare the journal entries for each of the dates above assuming the dividend represents a distribution of earnings. (List all debitentries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If noentry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in the problemstatement.)Date6/16/14 v6/30Account Titles and ExplanationRetained EarningsDividends PayableNo EntryNo EntryDividends PayableDebit836000008360000Credit8360000 Prepare the journal entries for each of the dates above assuming the dividend were a liquidating dividend? (List all debit entriesbefore credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry isrequired, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in the problemstatement.)Date: Account Titles and ExplanationDebitCredit100

Journal Entry :— It is an act of recording transaction in books of account when transaction…

Answered: Whispering Corporation has 11 million…

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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Whispering Corporation has 11 million shares of common stock issued and outstanding. On June 1, the board of directors voted an 76 cents per share cash dividend to stockholders of record as of June 14, payable June 30.