Question

Following is a recent BusinessSoftware Corp. press release: REDMOND, Wash-March 16, 2016-BusinessSoftware Corp. today announced that its board of directors have declared a quarterly date will be May 17, 2016 Prepare the journal entries BusinessSoftware Corp. used to record the declaration and payment of the cash dividend for its 9,300 million shares, (If no entry is required for a transaction/event, select No journal entry required in the first account fleld. Enter your d of $0.16 per share. The dividend will be payable on June 9, 2016, to shareholders of record on May 19, 2016. The ex-dividend answers in millions (i.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet Record the journal entry on the declaration date. Note: Enter debits before credits Event General Journal Debit Credit Record entry Clear entry View general journal
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Answer #1
Event General Journal Debit Credit
1 Retained earnings(9,300 million shares × $0.16) $1,488
Cash dividends payable $1,488
2 No journal entry required
3 Cash dividends payable $1,488
Cash $1,488
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