Brief Exercise 11-5 Sarasota Corp. has 8,500 shares of common stock outstanding.

Question

Brief Exercise 11-5 Sarasota Corp. has 8,500 shares of common stock outstanding. It declares a $4 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

1 Nov. Retained earnings. (8500*4) 34000 Dividend payable 34000 (To record dividend payable on declaration date) 31 dec dividend payable 34000 Cash 34000 ( To record payment of dividend)

Related Questions

Navigate

• Browse (All)
• Browse B
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.