Brief Exercise 11-5 Blue Spruce Corp. has 7,200 shares of common stock outstandi

Question

Brief Exercise 11-5 Blue Spruce Corp. has 7,200 shares of common stock outstanding. It declares a $5 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

Date Account titles and explanation Debit Credit Nov. 1 Cash Dividends(7,200 * $5) $36,000 Dividends Payable $36,000 Dec. 31 Dividends Payable $36,000 Cash $36,000

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