Question: On December 15, year 1, ABC Company declared a $2 per share cash dividend on 500 shares outstanding. The dividend is payable to shareholders of

On December 15, year 1, ABC Company declared a $2 per share cash dividend on 500 shares outstanding. The dividend is payable to shareholders of record on December 20, year 1, and the payment date is December 23, year 1. Record the entries on each date. If no entry, choose "No Entry". Account Debit Credit Declaration Date Account 1 1000 Account 2 1000 Record Date Account 3 No Entry Account 4 No Entry Payment Date Account 5 1000 Account 6 1000

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!

Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance works for the convention bureau of the local Chamber of Commerce, while Wanda is employed part-time as a...

On December 1 5 , year 1 , ABC Company declared a \ ( \ $ 2 \ ) per share cash dividend on 5 0 0 shares outstanding. The dividend is payable to shareholders of record on December 2 0 , year 1 , and...

CASH DIVIDENDS Drexel Corp. had the following transactions related to dividends during 2022 1-Mar The company declared a $2 per share cash dividend to its common shareholders. The date of record is...

On July 1, Miller Company declared a $2 per share cash dividend on its 35,000 issued and outstanding shares of common stock. The dividend will be paid on July 31 to shareholders on record on July 16....

On January 1st ABC company declared a SR0.50 per share cash dividend on 8,000 shares of common stock outstanding. The dividend will be paid on March 1st to stockholders of record on February 1st....

On December 31, 2020, Pharoah Corporation had the following shareholders' equity accounts: PHAROAH CORPORATION Balance Sheet (partial) December 31, 2020 Shareholders' equity Common shares (unlimited...

On December 31, 2020, Carla Vista Corporation had the following shareholders' equity accounts: CARLA VISTA CORPORATION Balance Sheet (partial) December 31, 2020 Shareholders' equity Common shares...

answer asap plz Question 1 of 4 -/25 On December 31, 2020, Ivanhoe Corporation had the following shareholders' equity accounts: IVANHOE CORPORATION Balance Sheet (partial) December 31, 2020...

On July 31 ABC Company declared a $0.50 per share cash dividend to be paid on August 15 to shareholders of record on August 10. There were 100,000 shares of common stock authorized, 50,000 issued,...

Rainmaker Industries has 10,000 shares of $2 par-value common stock outstanding. On December 10, Year 1, the company declared a $1.50 per share dividend to shareholders on record as of December 20,...

1- Fetzer Company declared a $0.30 per share cash dividend. The company has 380,000 shares authorized, 361,000 shares issued, and 15,200 shares in treasury stock. The journal entry to record the...

Explain the below code step by stepspecifying what each line means and does. quicksort :: (Ord a) => [a] -> [a] quicksort [] =[] quicksort (x:xs) = let smallerSorted = quicksort [a | a

The effectiveness of nitrogen fertilizers depends on both their ability to deliver nitrogen to plants and the amount of nitrogen they can deliver. Four common nitrogen-containing fertilizers are...

Tests of details of balances focus on testing the year - end balances of balance sheet accounts. True False

In Appendix A (Background information and Basis for Conclusions) of this standard, locate the discussion of why the FASB Codification was introduced. That is, what was the issue the Codification...