QS $11-6($Algo$)$ Accounting for cash dividends LO P$2$

Prepare journal entries to record the following transactions for Emerson Corporation.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

July $15$ Declared a cash dividend payable to common stockholders of $$165,000.$

August $15$ Date of record is August $15$ for the cash dividend declared on July $15.$

August $31$ Paid the dividend declared on July $15.$

Journal entry worksheet

Record the declaration of a cash dividend payable to common stockholders.

Note: Enter debits before credits.

Record entry