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Pronghorn Corp has 8,300 shares of common stock outstanding. It declares a $3 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31. Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend.

Respuesta :

TomShelby

Answer:

dividends  24,900

   dividen payable    24,900

to record declaration of dividends

dividend payable   24,900

   cash                                  24,900

to recored payment of dividends

Explanation:

amount of dividends:

8,300 shares x $3 per share = 24,900

dividends  24,900

   dividend payable    24,900

to record declaration of dividends

we post the dividends declared and we post the payable

dividend payable   24,900

   cash                                  24,900

to recored payment of dividends

we decrease the cash account and write-off the dividend payable

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