Brief Exercise 15-10 Blossom Inc. declared a cash dividend of $1.05 per share on

Question

Brief Exercise 15-10 Blossom Inc. declared a cash dividend of $1.05 per share on its 2 million outstanding shares. The dividend was declared on August 1, payable on September 9 to all stockholders of record on August 15. Prepare all journal entries necessary on those three dates. (Enter answers in dollars. Credit account titles are automatically indented when amount is entered. Do not indent manually. 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

201X

Details

Amount

$

Debit

A/c

Credit

A/c

Aug

1

Declared a cash dividend on 2,000,000 Common Stock shares@ $1.05

2,100,000

Dividends

Common Stock Dividends Payable

Aug

15

No entry required Common stock shares as at Aug 15

0

Sep

9

Paid the dividend declared on Aug 1

2,100,000

Common Stock Dividends Payable

Cash

Date

201X

Details

Amount

$

Debit

A/c

Credit

A/c

Aug

1

Declared a cash dividend on 2,000,000 Common Stock shares@ $1.05

2,100,000

Dividends

Common Stock Dividends Payable

Aug

15

No entry required Common stock shares as at Aug 15

0

Sep

9

Paid the dividend declared on Aug 1

2,100,000

Common Stock Dividends Payable

Cash

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