Brief Exercise 11-7 Greenwood Corporation has 81,000 shares of common stock outs

Question

Brief Exercise 11-7 Greenwood Corporation has 81,000 shares of common stock outstanding. It decdares a $2 per share cash December 31. dividend on November 1 to stockholders of record on December 1. The dividend is paid on riate dates to record the declaration and payment of the cash dividend. (Record journal entries in the order presented in the problem. Credit account titles Prepare the entries on the approp are automatically indented when amount is entered. Do not indent manualily, If no entry is required, Entry" for the account titiles and enter 0 for the amounts.) Debit Credit Date Account Titles and Explanation

Explanation / Answer

Answer

Date

Accounts Titles

Debit

Credit

01-Nov

Dividends

$162000

Dividends payable

$162000

(dividend declared 81000 shares x $2 per share]

31-Dec

Dividends payable

$162000

Cash

$162000

(cash dividend paid)

Date

Accounts Titles

Debit

Credit

01-Nov

Dividends

$162000

Dividends payable

$162000

(dividend declared 81000 shares x $2 per share]

31-Dec

Dividends payable

$162000

Cash

$162000

(cash dividend paid)

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