Common and Preferred Cash Dividends

Wang Company currently has 200,000 shares of $1 par common stock outstanding and 2,900 shares of $50 par preferred stock outstanding. On July 10, the board of directors declared a semiannual dividend of $0.34 per share on common stock to shareholders of record on August 1, payable on August 5.

On July 15, the board of directors declared a semiannual dividend of $3 per share on preferred stock to shareholders of record on August 5, payable on August 10.

Prepare journal entries for the declaration and payment of the common and preferred stock cash dividends.

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ROW NUMBER	DATE	ACCOUNT TITLE	DOC. NO.	POST. REF.	DEBIT	CREDIT	ROW NUMBER
1	20-- July 10	CashCash DividendsCommon Dividends ExpenseCommon Dividends PayablePreferred Dividends Payable	blank	blank	- Select -	- Select -	1
2	blank	CashCash DividendsCommon Dividends PayablePreferred Dividends PayableStock Dividends	blank	blank	- Select -	- Select -	2
3	blank	blank	blank	blank	blank	blank	3
4	July 15	Accounts PayableCashCash DividendsCommon Dividends PayablePreferred Dividends Payable	blank	blank	- Select -	- Select -	4
5	blank	CashCash DividendsCommon Dividends PayablePreferred Dividends PayablePreferred Stock	blank	blank	- Select -	- Select -	5
6	blank	blank	blank	blank	blank	blank	6
7	Aug. 5	CashCash DividendsCommon Dividends PayablePreferred Dividends PayableRetained Earnings	blank	blank	- Select -	- Select -	7
8	blank	CashCash DividendsCash Dividends ExpenseCommon Dividends PayablePreferred Dividends Payable	blank	blank	- Select -	- Select -	8
9	blank	blank	blank	blank	blank	blank	9
10	Aug. 10	CashCash DividendsCommon Dividends PayablePreferred Dividends PayableRetained Earnings	blank	blank	- Select -	- Select -	10
11	blank	CashCash DividendsCommon Dividends PayablePreferred Dividends PayableRetained Earnings	blank	blank	- Select -	- Select -	11
12	blank	blank	blank	blank	blank	blank	12