The board of directors declared a $2 per share cash dividend on common stock and the...
The board of directors declared a $2 per share cash dividend on common stock and the corporation had 5,000 shares authorized and 4,000 shares outstanding and make a journal entry. The journal entry for the dividend payment would be
Homework Answers
The journal entry for declaring dividend will be
Retained earnings A/c. $8,000
To Dividend payable A/c $8,000
(4,000 x 2)
And at the time of payment
Dividend payable A/C $8,000
Bank A/C. $8,000
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