Question

Entries for Cash Dividends The declaration, record, and payment dates in connection with a cash dividend of $1,425,000 on a corporation's common stock are July 9, August 31, and October Journalive the entries required on each date. If no entry is required, select "No Entry Required and leave the amount boxes blank. If an amount box does not require an entry, leave it blank July 9 Aug 31

Answer 1

The journal entries for cash dividends are recorded on the declaration, payment, and record dates.

Step-by-step explanation:

To record the entries for cash dividends on the specified dates, the following journal entries are required:

1. July 9: No entry is required as it is the declaration date.
2. August 31: Debit Retained Earnings for $1,425,000 and credit Dividends Payable for the same amount.
3. October Journalive: Debit Dividends Payable for $1,425,000 and credit Cash for the same amount.