Ask Question
23 April, 20:18

Divine Apparel has 2,200 shares of common stock outstanding. On October 1, the company declares a $0.50 per share dividend to stockholders of record on October 15. The dividend is paid on October 31.

Required:

a. Record all transactions on the appropriate dates for cash dividends.

+5
Answers (1)
  1. 23 April, 20:36
    0
    October 1

    Dr Dividends 1,100

    Cr Dividends payable 1,100

    October 15

    No journal entry required 0

    No journal entry required 0

    October 31

    Dr Dividends payable 1,100

    Cr Cash 1,100

    Explanation:

    Divine Apparel

    General Journal

    October 1

    Dr Dividends 1,100

    Cr Dividends payable 1,100

    October 15

    No journal entry required 0

    No journal entry required 0

    October 31

    Dr Dividends payable 1,100

    Cr Cash 1,100

    Dividends: 2,200 shares * $0.50 = $1,100

    Dividends Payable: 2,200 shares * $0.50 = $1,100
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Divine Apparel has 2,200 shares of common stock outstanding. On October 1, the company declares a $0.50 per share dividend to stockholders ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers