Question: Example #9 On May 15, the board of directors declared a cash dividend of $75,000. The date of record is June 1 and the payment

Example #9

On May 15, the board of directors declared a cash dividend of $75,000. The date of record is June 1 and the payment date is June 20.

Prepare the journal entries to record this cash dividend. Omit explanations.

Show all work

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

On December 31, Year 4, RAV Company purchased 60% of the outstanding common shares of ENS Company for $1,260,000. On that date, ENS had common shares of $500,000 and retained earnings of $130,000. In...

Q:

7) Reunion Corporation provides the following information. Based on the information provided above, compute the earnings per share of Reunion Corporation as of March 31, 2019. (Round any intermediate...

Q:

On May 15, the board of directors declared a cash dividend of $75,000. The date of record is June 1 and the payment date is June 20. Prepare the journal entries to record this cash dividend. Omit...

Q:

Thank you!! On May 15 , the board of directors declared a cash dividend of $50,000. The date of record is June 1 and the payment date is June 20 . The journal entry on June 1 would be: A. no entry...

Q:

On May 1 5 , the board of directors declared a cash dividend of $ 5 0 , 0 0 0 . The date of record is June 1 and the payment date is June 2 0 . The journal entry on June 2 0 would be: A . no entry...

Q:

Which option is correct? On May 15 , the board of directors declared a cash dividend of $50,000. The date of record is June 1 and the payment date is June 20. The joumal entry on June 1 would be: A....

Q:

Tone Corporation has authorized 200,000 shares of $1 par value common stock, of which 160,000 are issued and 140,000 are outstanding. On May 15, the board of directors declared a cash dividend of...

Q:

LO5 Cash Dividends SE 10. Leon Corporation has authorized 400,000 shares of S1 par value common stock, of which 320.000 are issued and 280,000 are outstanding. On May 15, the board of directors...

Q:

Leon Corporation has authorized 400,000 shares of $1 par value common stock, of which 320,000 are issued and 280,000 are outstanding. On May 15, the board of directors declared a cash dividend of...

Q:

please make it organized in a table Cash Dividends SE10. Leon Corporation has authorized 400,000 shares of $1 par value common stock, of which 320,000 are issued and 280,000 are outstanding. On May...

Q:

Cash Dividends SE10. Leon Corporation has authorized 400,000 shares of S1 par value common stock, of which 320,000 are issued and 280,000 are outstanding. On May 15, the board of directors declared a...

Q:

A cylindrical metal specimen 12.7 mm (0.5 in.) in diameter and 250 mm (10 in.) long is to be subjected to a tensile stress of 28 MPa (4000 psi); at this stress level the resulting deformation will be...

Q:

RJS Foods reported that its net income was $65,000 last year. The firms interest expense was reported to be $40,000, and its marginal tax rate was 35 percent. According to the companys balance sheet,...

Q:

10. Translate the following into standard-form categorical propositions. None but pirate ships fl y the Jolly Roger.

Q:

Identify a workplace conflict that you have researched and address the following: Describe the organization and share its URL. Briefly describe the conflict and make sure to use at least two...

Q:

a) Write instructions to perform the following operations: [0.5] (i) Move the content of Accumulator to register 7(R7). (ii) Move the contents of RAM memory location 55H to Port 1 (iii) Receive...

Q:

Use octave/Matlab for the solution. A process is simulated by the second-order passive circuit, shown below, where the feedback amplifier, controller, and final control element are represented by...

Q:

The Jack and Tyler Pizza Company is financed entirely with equity and has grown very quickly over the past 8 years. The firm has hired the consulting firm of Stephanie and Chiara LLC to analyze the...

Q:

A disinfection tank is 52m For a free chlorine concentration of 1.2mg/L, what is the maximum fiow that this tank can process whilst still achieving a 3log inactivation of giardia cysts at 10C? You...

Q:

According to a published research study, a YouTube ad that goes viral has no significant effect on the stock market returns of the company that owns the advertised brand. True False

Q:

List five competencies that you believe such a diversity program should cultivate.

Q:

Prepare and give a short presentation titled How to Be Effective as a Selection Interviewer.

Q:

Combine your questions into a complete interview that you would give to someone who must interview candidates for these jobs.