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July 15 Declared a cash dividend payable to common stockholders of $165,000. Aug. 15 Date of record is August 15 for the cash

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Journal Entries

On July 15 Debit Credit
Retaied Earnings $165,000
Dividend Payable $165,000
On August 15
An entry is not needed on the date of record
On August 31 Debit Credit
Dividend Payable $165,000
Cash $165,000
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