Weaver Corporation had the following stock issued and outstanding at January 1, Year 1: 1. 141,000...

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Weaver Corporation had the following stock issued and outstanding at January 1, Year 1: 1. 141,000 shares of $10 par common s b. Prepare general journal entries to record the declaration and payment of the cash dividends. (If no entry is required for

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Answer 1

Answer #1

			Debit	Credit
1	June 10	Dividends	588000
		Dividends payable		588000

2	June 20	No Journal entry required

3	July 01	Dividends payable	588000
		Cash		588000

4	December 31	Retained earnings	588000
		Dividends		588000

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Answer 2

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