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25 January, 11:33

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

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  1. 25 January, 11:44
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    The journal entries are as follows:

    In the books of Emerson Corporation

    On July 15

    Retained earnings Dr $165,000

    To Dividend payable $165,000

    (Being the dividend declared is recorded)

    On August 15

    No journal entry is required

    On July 15

    Dividend payable Dr $165,000

    To Cash $165,000

    (Being the dividend is paid for cash)
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