Homework Answers
Journal Entries:
| Date | Particulars | Debit | Credit |
|---|---|---|---|
| Nov. 27 | Retained Earnings Dr. | $15,300 | |
| To Dividends Payable | $15,300 | ||
| ( Being the dividend declared) | |||
| Dec. 24 | Dividend Payable | $15,300 | |
| To Cash | $15,300 | ||
| ( Being the declared dividends paid) |
Note:
Number of shares outstanding as on Nov. 27 = 15,500
Dividend declared = 0.60 per share
Total dividend declared = $25 ,500 * 0.60 = $15,300
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