Need help with this accounting question. Thanks Troutman Corporation has 8, 950

Question

Need help with this accounting question. Thanks

Troutman Corporation has 8, 950 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. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Explanation / Answer

Journal Entries Date Particulars Dr Amt Cr Amt 1-Nov Retained Earnings Dr                   26,850.00 To Dividend Payable A/C           26,850.00 (8,950*3) 31-Dec Dividend Payable A/C Dr                   26,850.00 To Cash           26,850.00

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