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Brief Exercise 15-10 Woolford Inc. declared a cash dividend of $1 per share on its 2...

Question:

Brief Exercise 15-10 Woolford Inc. declared a cash dividend of $1 per share on its 2 million outstanding shares. The dividend

Brief Exercise 15-10 Woolford Inc. declared a cash dividend of $1 per share on its 2 million outstanding shares. The dividend was declared on August 1, payable on September 9 to all stockholders of record on August 15. Prepare all journal entries necessary on those three dates. (Enter answers in dollars. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit

Answers

Solution:-

Date Account Titles and Explanation Debit Credit
Aug 1

Retained Earnings

2,000,000

Dividends Payable

2,000,000
Aug 15

No Entry

Sep 09 Dividends Payable

2,000,000

Retained Earnings

2,000,000

Please Rate or comment if you have any doubt regarding this solution.

.

Sept 09

Dividend payable            2,000,000

    Cash                                                        2,000,000

Dividend payable to all stockholders should be cash not retained earnings

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