Prepare journal entries to record the following transactions for Emerson Corporation July 15 Declared a cash dividend payable to common stockholders of $165,000 Aug 15 Date of record is August 15 for the cash dividend declared on July 15 Aug 31 Paid the dividend declared on July 15 ...

July 15 Retained Earnings 165000 Common Dividend Payable 16500 ...

Prepare journal entries to record the following transactions for Emerson Corporation. July 15 Declared a cash dividend

Question:

Prepare journal entries to record the following transactions for Emerson Corporation.
July 15 Declared a cash payable to common stockholders of $165,000.
Aug. 15 Date of record is August 15 for the cash declared on July 15.
Aug. 31 Paid the declared on July 15.
Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...