required journal entries:
1. record the declaration of cash dividends.
2. record the entry on the date of record.
3. Record the payment of cash dividends.
Homework Answers
Solution
| Date | Accounts title and explanation | Debit | Credit |
| 15-Mar | Cash Dividends | $ 20,520,000.00 | |
| Dividends distributable | $ 20,520,000.00 | ||
| (To record declaration of Dividend) | |||
| 20-Mar | No entry required | ||
| 13-Apr | Dividends distributable | $ 20,520,000.00 | |
| Cash | $ 20,520,000.00 | ||
| (To record distribution of dividends) |
No entry is required on date of record as it is not a transaction to be recorded in monetary terms.
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required journal entries:
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