QS 13-11 Accounting for cash dividends LO* Prepare journal entries to record the following transactions for Desmond Corporation: Apr. 15 Declared a $48,000 cash dividend payable to common shareholders. June 30 Paid the dividend declared on April 15. Dec. 31 Closed the Cash Dividends account.

QS 13-11 Accounting for cash dividends LO* Prepare journal entries to record the following transactions for Desmond Corporation: Apr. 15 Declared a $48,000 cash dividend payable to common shareholders. June 30 Paid the dividend declared on April 15. Dec. 31 Closed the Cash Dividends account.

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter12: Corporations: Organization, Stock Transactions, And Dividends

Section: Chapter Questions

Problem 12.3BE: Entries for cash dividends The declaration, record, and payment dates in connection with a cash...

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Concept explainers

Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.

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QS 13-11 Accounting for cash dividends LO4
Prepare journal entries to record the following
transactions for Desmond Corporation:
Apr. 15 Declared a $48,000 cash dividend payable to common shareholders.
June 30 Paid the dividend declared on April 15.
Dec. 31 Closed the Cash Dividends account.

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