ow Help National Chocolate Corp. produces chocolate bars and snacks under the br

Question

ow Help National Chocolate Corp. produces chocolate bars and snacks under the brand names Blast and Soothe. A release contained the following information March 5-National Chocolate Corp. today announced that one-time" cash dividend of $1.10 per share on its 91,000 paid on April 29 to shareholders of record at the close of will end April 30. Directors has declared a special ommon shares. The dividend will be arch 26. The Company's fscal yesr Required: 1. Prepare any journal entries that National Chocolate Corp. should make on the four dates mentioned in press release. (If no entry is required for a transactionidate, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the declaration of a cash dividend of $1.10 per share payable on the 91,000 shares of common stock outstanding Note: Enter debits before credits. Debit Date 100,100 March 05 View general journal Clear entry Record entry CL

Explanation / Answer

Total amount of dividends = $1.10 (dividend per common share)* 91,000 outstanding shares

= $100,100 Dividends are declared on March 5 and so the following entry will be made on that date:

Date Journal General Debit credit March 05 Dividend Declared 100100 Dividend payable 100100 March 26 No journal entry is required April 29 Dividend payable 100100 Cash 100100 Arpil 30, Retained earnings 100100 Dividend declared 100100

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