greenwood corporation has 80,000 shares of common stock outstanding . it declares at $1 per share...
greenwood corporation has 80,000 shares of common stock outstanding . it declares at $1 per share cash dividend on november 1 to stockholders of record on december 1. the dividend is paid on december 31 . prepare the entries on appropriate dates to record the declaration and payment of the cash dividend .
Homework Answers
| Date | Account Titles and Explanation | Debit | Credit |
| 1-Nov | Cash Dividends (80,000 x $1) | $80,000 | |
| Dividends Payable | $80,000 | ||
| (To record dividends payable) | |||
| 31-Dec | Dividends Payable | $80,000 | |
| Cash | $80,000 | ||
| (To record payment of cash dividend) |
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