July 15 Declared a cash dividend payable to common stockholders of $169,000. Aug. 15 Date of record is August 15 for the cash dividend declared on July 15. Aug. 31 Paid the dividend declared on July 15. Prepare journal entries to record the above transactions for Emerson Corporation. (If no entry is required for a transaction/event, select "No journal")

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Business

Karli Reed

25 August, 12:31

July 15 Declared a cash dividend payable to common stockholders of $169,000. Aug. 15 Date of record is August 15 for the cash dividend declared on July 15. Aug. 31 Paid the dividend declared on July 15. Prepare journal entries to record the above transactions for Emerson Corporation. (If no entry is required for a transaction/event, select "No journal")

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Tyrell Andrews · Answer 1

The journal entries are shown below:

On July 15:

Retained earning A/c Dr $169,000

To Dividend payable $169,000

(Being cash dividend declared is recorded)

On Aug 15:

No journal entry is required on the date of declared

On Aug 31:

Dividend payable A/c $169,000

To Cash A/c $169,000

(Being dividend is paid is recorded)