I need help with this question, please! Help me 12. velue: 153 points M11-8 Reco

Question

I need help with this question, please! Help me 12. velue: 153 points M11-8 Recording Dividends [LO 11-3 On May 20, the board of directors for Auction.com decdared a cash dividend of 50 cents per share payable to stockholders of record on June 14. The dividends are paid on July 14. The company has 517,000 shares of stock outstanding. Closing entries are recorded on July 31. Prepare any necessary journal entries for each date. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the entry on the date of declaration for a cash dividend of 50 cents per share payable on the 517,000 shares of stock outstanding. Note: Enter debits before credits Date General Journal Debit Credit May 20 Clear entry View general journal Record enby

Explanation / Answer

1. Record the entry on the date of declaration for a cash dividend of 50 cents per share payable on the 517,000 shares of stock outstanding.

2. Record the entry on the date of record of a cash dividend of 50 cents per share payable on the 517,000 shares of stock outstanding.

3. Record the entry on the payment for the cash dividend.

4. Record the entry to close the dividend account to retained earnings.

Date General Journal Debit Credit May 20 Cash Dividends Declared $258,500 Common Dividends Payable $258,500 Declared a cash dividend on shares

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