The declaration record and payment dates in connection with

The declaration, record, and payment dates in connection with a cash dividend of $796,000 on a corporation\'s common stock are October 1, November 7, and December 15 Journalize the entries required on each date. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles.

Solution

Journal entry :

Date	account & explanation	debit	credit
Oct 1	Cash dividend	796000
	Cash dividend payable		796000
	(To record dividend payable)
Nov 7	No entry
Dec 15	Cash dividend payable	796000
	Cash		796000
	(To record dividend paid)