Woodland Inc. Declared a cash dividend of $1.00 per share on its 2 million outstanding shares. The dividend was declared on August 1, payable on Sept 9 to all stockholders of Record on August 15. What is the Journal entry that should be generated on August 12

Woodland Inc. Declared a cash dividend of $1.00 per share on its 2 million outstanding shares. The dividend was declared on August 1, payable on Sept 9 to all stockholders of Record on August 15. What is the Journal entry that should be generated on August 12

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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Question

Woodland Inc.. Declared a cash dividend of $1.00 per share on its 2 million outstanding shares. The dividend was declared on August 1,
payable on Sept 9 to all stockholders of Record on August 15.
What is the Journal entry that should be generated on August 12
O No Entry Required
O Dividends Payable
S2.000.000
Cash
$2 000 000
O Retained Earnings
$2,000,000
Cash
$2,000 000
O Retained Earnings
$2.000.000
Dividends Payable
S2 000,000

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