Dixon Corporation has 320,000 shares of common stock issued and outstanding. On June 9, 201X, the board

Question:

Dixon Corporation has 320,000 shares of common stock issued and outstanding. On June 9, 201X, the board of directors declared a $0.45 per share dividend, payable on July 16, 201X, to stockholders of record on June 29, 201X. Record the appropriate journal entries on June 9 and July 16.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...

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