Ask Question
3 November, 23:50

On March 1, the board of directors declared a cash dividend of $0.75 per common share to shareholders of record on March 10, payable March 31. There were 131,000 shares issued and outstanding on March 1 and no additional shares had been issued during the month. Record the entries for March 1, 10, and 31. The cash dividends account is used.

+1
Answers (1)
  1. 4 November, 00:16
    0
    Answer and Explanation:

    The Journal Entry is shown below:-

    Mar-01

    Cash dividends Dr, $98,250

    (131,000 * $0.75)

    To Dividends payable Dr, $98,250

    (Being declaration of dividends is recorded)

    Mar-10

    No entry required

    Mar-31

    Dividends payable Dr, $98,250

    To Cash $98,250

    (To record payment of dividends)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “On March 1, the board of directors declared a cash dividend of $0.75 per common share to shareholders of record on March 10, payable March ...” 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