Nutritious Pet Food Company's board of directors declares a cash dividend of $5,000 on June 30. At that time, there are 2,800 shares of $7 par value 5% preferred stock outstanding and 7,100 shares of $1 par value common stock outstanding (none held in treasury). What is the journal entry to record the declaration of the dividend? If an amount box does not require an entry, leave it blank. June 30 Cash Dividends Payable Cash Common Stock Retained Earnings (for common stock) Retained Earnings (for preferred stock)

Nutritious Pet Food Company's board of directors declares a cash dividend of $5,000 on June 30. At that time, there are 2,800 shares of $7 par value 5% preferred stock outstanding and 7,100 shares of $1 par value common stock outstanding (none held in treasury). What is the journal entry to record the declaration of the dividend? If an amount box does not require an entry, leave it blank. June 30 Cash Dividends Payable Cash Common Stock Retained Earnings (for common stock) Retained Earnings (for preferred stock)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 12EA: Nutritious Pet Food Companys board of directors declares a cash dividend of $5,000 on June 30. At...

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