The date of declaration, date of record, and date of payment in connection with a cash dividend of $1,200,000 on a corporation 's common stock are June 1, July 15, and August 14, respectively Illustrate the effects on the accounts and financial statements for each date ...

July 15 No entry required Statement o ...

The date of declaration, date of record, and date of payment in connection with a cash dividend

Question:

The date of declaration, date of record, and date of payment in connection with a cash of $1,200,000 on a corporation's are June 1, July 15, and August 14, respectively. Illustrate the effects on the accounts and for each date.
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... 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... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...