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The declaration, record, and payment dates in connection with a cash dividend of $91,400 on a corporation's common stock are July 9, August 31, and October 1. Journalize the entries required on each date.

Answer :

Answer:

Explanation:

The journal entries are shown below:

On July 9

Cash dividend A/c Dr  $91,400

       To Dividend payable  $91,400

(Being cash dividend declared)  

On August 31

No journal entry is required as no transaction  took place

On October 1

Cash dividend payable A/c Dr  $91,400

        To Cash A/c $91,400

(Being payment of dividend is recorded)

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