Homework Answers
Answers
- All working, if required forms part of the answer
- Journal Entry on 1 Aug for declaration CASH Dividend
Cash Dividend = Shares outstanding x Cash Dividend per share
= 100000 shares x $ 0.50 = $ 50,000
|
Date |
Accounts Title |
Debit |
Credit |
|
01-Aug |
Cash Dividend |
$ 50,000 |
|
|
Cash Dividend Payable |
$ 50,000 |
|
Cash Dividend |
|||
|
01-Aug |
$ 50,000 |
||
|
Cash Dividend Payable |
|||
|
01-Aug |
$ 50,000 |
||
- NO ENTRY WILL BE REQUIRED on 1 September which is the record date.
- Journal entry on 1 Oct for payment of Cash dividend declared
|
Date |
Accounts Title |
Debit |
Credit |
|
01-Oct |
Cash Dividend Payable |
$ 50,000 |
|
|
Cash |
$ 50,000 |
|
Cash Dividend Payable |
|||
|
01-Aug |
$ 50,000 |
01-Oct |
50000 |
|
Cash |
|||
|
01-Aug |
$ 50,000 |
||
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