Two billion times a day, Proctor & Gamble (P&G) brands touch the lives of people around the

Question:

Two billion times a day, Proctor & Gamble (P&G) brands touch the lives of people around the world. The company has one of the largest and strongest portfolios of trusted, quality brands, including Pampers, Tide, Bounty, Pringles, Folgers, Charmin, Downy, Crest, and Clairol Nice ’n Easy. The P&G community consists of nearly 98,000 employees working in almost 80 countries worldwide. The company has 5,000 million shares of common stock authorized and 3,000 million shares release:

CINCINNATI, July 13, 2009 /PRNewswire-FirstCall/—The Board of Directors of The Procter & Gamble Company declared a quarterly dividend of forty-four cents ($0.44) per share on the Common Stock of the Company, payable on or after August 17, 2009, to shareholders of record at the close of business on July 24, 2009.

Required:

Prepare journal entries as appropriate for each date mentioned in the press release.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... 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...