Brief Exercise 11-5 Marigold Corp. has 7,800 shares of common stock outstanding.

Question

Brief Exercise 11-5 Marigold Corp. has 7,800 shares of common stock outstanding. It declares a $1 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31 Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit

Explanation / Answer

Journal entry :

Date account & explanation debit credit Nov 1 Cash dividend (7800*1) 7800 Dividend payable 7800 (To record dividend declared) Dec 31 Dividend payable 7800 Cash 7800 (To record dividend paid)

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