Question
On October 14, the board of directors ofMontyCorp. voted to declare the annual preferred share dividend to shareholders of record on November 1, payable on
On October 14, the board of directors ofMontyCorp. voted to declare the annual preferred share dividend to shareholders of record on November 1, payable on November 21. The company is authorized to issue100,000, $4.00noncumulative preferred shares;28,000have been issued.
Prepare the required entries on each of these dates.(Credit account titles are automatically indented when the amount is entered.Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)
Date
Account Titles and Explanation
Debit
Credit
choose a transaction date
Oct. 14Nov. 1Nov. 21
enter an account title to record declaration of dividend
enter a debit amount
enter a credit amount
enter an account title to record declaration of dividend
enter a debit amount
enter a credit amount
(To record declaration of dividend.)choose a transaction date
Oct. 14Nov. 1Nov. 21
enter an account title
enter a debit amount
enter a credit amount
enter an account title
enter a debit amount
enter a credit amount
choose a transaction date
Oct. 14Nov. 1Nov. 21
enter an account title to record payment of dividend
enter a debit amount
enter a credit amount
enter an account title to record payment of dividend
enter a debit amount
enter a credit amount
(To record payment of dividend.)
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