Question

Dividend in arrears 2,000 Current year dividend 23,760 Total dividend to preferred stockholders (25,760) $ 18,240 Dividend to common stockholders Requirement 2. Record the journal entries for 2018, assuming that Tri State Communications declared the dividend on December 1 for stockholders of record on December 10. Tri State Communications paid the dividend on December 20. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. If no entry is required, select "No entry required" on the first line of the Accounts and Explanation column and leave the remaining cells blank.) Dec. 1, 2018: Declared dividend. In Debit Date Accounts and Explanation Credit Cash Dividends 6.43/1 Dec. 1 Dividends Payable-Preferred Declared a cash dividend Choose from any list or enter any number in the input fields and then click Check Ansiwer Check Answer Clear All 21 javascriptidoExercise(4) parts remaining

Answer 1

Credit Date Account Titles and Explanation Debit 01 December 2018 Cash Dividends $ 21,760 Dividends payable-Preferred (To record the declaration of dividends) $ 21,760 10 December 2018 No Entry $ 21,760 20 December 2018 Dividends payable-Preferred Cash (To record the dividends paid) $ 21,760 Note: On December 1, 2018, Retained earnings accounts can also be used instead of Cash Dividends account.