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28 November, 04:36

Divine Apparel has 2,600 shares of common stock outstanding. On October 1, the company declares a $0.25 per share dividend to stockholders of record on October 15. The dividend is paid on October 31. Record all transactions on the appropriate dates for cash dividends.

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  1. 28 November, 08:18
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    The journal entries are shown below:

    On October 1

    Dividend Declared A/c Dr $650 (2,600 shares * $0.25)

    To Dividend payable A/c $650

    (Being dividend is declared)

    On October 15

    No entry is required

    On October 31

    Dividend payable A/c Dr $650

    To Cash A/c $650

    (Being dividend is paid for cash)
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