ezto mheducation.com 2.50 points CH11Due 4/19 Bogscraft Company has outstanding

Question

ezto mheducation.com 2.50 points CH11Due 4/19 Bogscraft Company has outstanding 66,000 shares of $20 par value preferred stock (8 percent). On February 1, the board of directors voted in favor of an 8 percent cash dividend on the preferred stock. The cash dividends were paid on March 15. The company closed its books at its fiscal year-end, June 30 Required: Prepare joumal entries to record the events on (a) February 1, (b) March 15, and (c) June 30. (If no entry s required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the declaration of a cash dividend of 8 percent to the 26,200 shares of $20 par value preferred stock outstanding. Note: Enter debits before credits February 01 Record entry Clear entry View general journal

Explanation / Answer

Journal Entries Date Account Title and explanation Debit Credit February , 01 "No Journal Entry "is made for the declaration of the dividend March , 15 Retained Earning $                  41,920               To Dividend Payable - Preferred Stock (26,200 Shares X $ 20 X8%) $                     41,920 (To Record the dividend payable) March , 15 Dividend Payable - Preferred Stock (26,200 Shares X $ 20 X8%) $                  41,920        To Cash $                     41,920 (To Record the payment of Cash Dividend) June , 30 "No Journal Entry "is required at the end of the year

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