On May 20, the board of directors for Auction.com declared a cash dividend of 50

Question

On May 20, the board of directors for Auction.com declared a cash dividend of 50 cents per share payable to stockholders of record on June 14. The dividends are paid on July 14. The company has 508,000 shares of stock outstanding. Closing entries are recorded on July 31. Prepare any necessary journal entries for each date. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. View transaction list Journal entry worksheet 2 4 Record the entry on the date of declaration for a cash dividend of 50 cents per share payable on the 508,000 shares of stock outstanding. Note: Enter debits before credits. Date General Journal Debit Credit May 20 Record entry Clear entry View general journal

Explanation / Answer

Date General Journal Debit Credit May 20 Dividends $254,000 Dividend payable $254,000 June 14 No journal entry required July 14 Dividend payable $254,000 Cash $254,000 July 31 Retained Earnings $254,000 Dividends $254,000

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