On January 1, Vancouver Ltd.’s equity was as follows: common shares, 1,000,000 shares authorized, 525,000 shares...
On January 1, Vancouver Ltd.’s equity was as follows: common
shares, 1,000,000 shares authorized, 525,000 shares issued.
Prepare journal entries to record the following transactions:
May 1 A cash dividend of $1.10 per share was declared by the board of directors to shareholders of record on May 20, payable on June 1.
June 1 Paid the cash dividend.
Homework Answers
Solution
| Date | General journal | Debit | Credit |
| May-1 | Cash Dividend | $ 577,500.00 | |
| Dividend distributable | $ 577,500.00 | ||
| (To record distribution of Dividend) | |||
| May-20 | No entry required | ||
| June-1 | Dividend distributable | $ 577,500.00 | |
| Cash | $ 577,500.00 | ||
| (To record payment of dividend) |
No entry will be made on record date that is May 20th.
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Exercise 15-14
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