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Warner Music Group has 45,000 $2 non-cumulative preferred shares issued and outstanding. It declares an annual cash dividend on November 15 to shareholders of record
Warner Music Group has 45,000 $2 non-cumulative preferred shares issued and outstanding. It declares an annual cash dividend on November 15 to shareholders of record on December 10. The dividend is paid on December 31. Required: Drag and drop to prepare the journal entries on the appropriate dates to record the cash dividend. Note: there may be unused responses when the question is complete. Date Account DEBIT CREDIT Nov 15 Dec 10 Dec 31 Stock dividends distributable Accounts payable Cash Dividends expense Retained earnings Dividends payable 45,000 90,000 80,000
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