Question
The declaration, record, and payment dates in connection with a cash dividend of $580,000 on a corporationscommon stockare June 15, August 10, and September 15.
The declaration, record, and payment dates in connection with a cash dividend of $580,000 on a corporationscommon stockare June 15, August 10, and September 15.
Journalize the entries required on each date. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles.
CHART OF ACCOUNTS
General Ledger
ASSETS
110Cash
120Accounts Receivable
131Notes Receivable
132Interest Receivable
141Merchandise Inventory
145Office Supplies
151Prepaid Insurance
181Land
193Equipment
194Accumulated Depreciation-Equipment
LIABILITIES
210Accounts Payable
221Notes Payable
226Interest Payable
231Cash Dividends Payable
236Stock Dividends Distributable
241Salaries Payable
261Mortgage Note Payable
EQUITY
311Common Stock
312Paid-In Capital in Excess of Par-Common Stock
315Treasury Stock
321Preferred Stock
322Paid-In Capital in Excess of Par-Preferred Stock
331Paid-In Capital from Sale of Treasury Stock
340Retained Earnings
351Cash Dividends
352Stock Dividends
390Income Summary
REVENUE
410Sales
610Interest Revenue
EXPENSES
510Cost of Merchandise Sold
515Credit Card Expense
520Salaries Expense
531Advertising Expense
532Delivery Expense
533Selling Expenses
534Rent Expense
535Insurance Expense
536Office Supplies Expense
537Organizational Expenses
562Depreciation Expense-Equipment
590Miscellaneous Expense
710Interest Expense
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