ezto mheducation.com 2.50 points Bogscraft Company has outstanding 66,000 shares

Question

ezto mheducation.com 2.50 points Bogscraft Company has outstanding 66,000 shares of $10 par value common stock and 26,200 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 closed its books at its fiscal year-end, June 30. preferred stock. The cash dividends were paid on March 15. The company Required: Prepare jounal entries to record the events on (a) February 1, (b) March 15, and (c) June 30. If is required for a transactionlevent, select "No Journal Entry Required" in the first account field.) entries to record the events on (a) Febnuary 1, (b) t March 15, and (c) June 30. (If no entry View transaction ist Journal entry worksheet Record the payment of the cash dividend to the preferred shareholders. Note: Enter debits before credts March 15 View general journal Record entry Clear entry

Explanation / Answer

Journal Entries: Date Accounts title and explanations Debit $ Credit $ 1-Feb Dividend-prefered Stock Dr. 41920      Dividend payable (26200 shares @20*8%) 41920 15-Mar Dividend payable Dr. 41920       Cash Account 41920 30-Jun Retained earnings Dr. 41920         Dividend-Prefered Stock 41920

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