ASSIG RESOu Brief Exercise 11-5 Grouper Corp. has 7,700 shares of common stock o

Question

ASSIG RESOu Brief Exercise 11-5 Grouper Corp. has 7,700 shares of common stock outstanding 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 t declares a $5 per share cash dividend on November 1 to stoc nolders of record on December·me dividend Spaid on December a Pre Cla Ch 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 O for the amounts.) pt Date Account Titles and Explanation Debit 1A SHOW LIST OF ACCOUNTS LINK TO TEXT NTERACTIVE TUTORTAL Question Attempts: 0 of 3 used SAVE FOR LATER SUBMIT ANSWER

Explanation / Answer

Date Account titles and explanation Debit Credit Nov. 1 Cash Dividends(7,700 * $5) $38,500 Dividends Payable $38,500 Dec. 31 Dividends Payable $38,500 Cash $38,500

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