Prepare journal entries to record the following transactions for Emerson Corporation April 15 Declared a cash dividend payable to common stockholders of $40,000 May 15 Date of record is May 15 for the cash dividend declared on April 15 May 31 Paid the dividend declared on April 15 ...

April 15 Retained Earnings 40000 Common Dividend Payable 4000 ...

Prepare journal entries to record the following transactions for Emerson Corporation. April 15 Declared a cash dividend

Question:

Prepare journal entries to record the following transactions for Emerson Corporation.
April 15 Declared a cash payable to common stockholders of $40,000.
May 15 Date of record is May 15 for the cash declared on April 15.
May 31 Paid the declared on April 15.

Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...