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29 May, 06:36

Divine Apparel has 4,000 shares of common stock outstanding. On October 1, the company declares a $0.75 per share dividend to stockholders of record on October 15. The dividend is paid on October 31. Record all transactions on the appropriate dates for cash dividends. (If no entry is required for a particular transaction/event, select "No Journ

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  1. 29 May, 06:52
    0
    The journal entries shown below:

    Explanation:

    On October 1

    Dividends A/c ... Dr $3,000

    Dividend Payable A/c ... Cr $3,000

    Being company declared the dividend of 4,000 shares at the rate of $0.75 per share.

    On October 15

    No Journal Entry Required

    On October 31

    Dividends Payable A/c ... Dr $3,000

    Cash A/c ... Cr $3,000

    Being Dividend is paid, so cash is decreasing and any decrease in asset is credited. Therefore, cash account is credited. And the account of dividend payable is debited.
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Home » Business » Divine Apparel has 4,000 shares of common stock outstanding. On October 1, the company declares a $0.75 per share dividend to stockholders of record on October 15. The dividend is paid on October 31.
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