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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Declaration of Cash Dividend

Travis Corporation expected to pay its stockholders a dividend in January 2020. The cash dividend of $75,000 was declared on December 31, 2019.

Required:

What is the appropriate journal entry to record this declaration?

To determine

Concept introduction:

Cash dividend:

The Cash dividend is the amount of dividend paid to shareholders in cash. The Cash dividend is declared first and paid later. There are two journal entries made, one at the time of declaration of dividend and another at the time of payment.

To indicate:

The journal entry to record the declaration of the dividend.

Explanation

The Cash dividend is the amount of dividend paid to shareholders in cash. The Cash dividend is declared first and paid later. There are two journal entries made, one at the time of declaration of dividend and another at the time of payment.

The journal entry to record the declaration of the dividend is explained as follows:

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