8. On August 1, Hagino Corporation declared a $1.50 per share cash dividend on its common stock (20,000 shares) for stockholders on record as of August 15. Hagino Corporation paid the dividend on August 31. Journalize the entriesdeclaring the cash dividend and paying the dividend. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)Journalize the entry declaring the cash dividend.DateAug. 1Accounts and ExplanationDebitCredit

Cash dividend : It is the portion of retained earnings which the company gives to the stockholders…

Answered: 8. On August 1, Hagino Corporation…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 11EA: Nutritious Pet Food Companys board of directors declares a cash dividend of $1.00 per common share...

See similar textbooks

Similar questions

Entries for selected corporate transactions Morrow Enterprises Inc. manufactures bathroom fixtures. Morrow Enterprises stockholders equity accounts, with balances on January 1, 20Y6, are as follows: The following selected transactions occurred during the year: Instructions 1. Enter the January 1 balances in T accounts for the stockholders equity accounts listed. Also prepare T accounts for the following: Paid-In Capital from Sale of Treasury Stock; Stock Dividends Distributable; Stock Dividends; Cash Dividends. 2. Journalize the entries to record the transactions, and post to the eight selected accounts. Assume that the closing entry for revenues and expenses has been made and post net income of 1,125,000 to the retained earnings account. 3. Prepare a statement of stockholders equity for the year ended December 31, 20Y6. Assume that net income was 1,125,000 for the year ended December 31, 20Y6. 4. Prepare the Stockholders Equity section of the December 31, 20Y6, balance sheet.
Nutritious Pet Food Companys board of directors declares a cash dividend of $1.00 per common share on November 12. On this date, the company has issued 12,000 shares but 2,000 shares are held as treasury shares. The company pays the dividend on December 14. What is the journal entry to record the payment of the dividend?
Entries for selected corporate transactions Nav-Go Enterprises Inc. produces aeronautical navigation equipment. Navo-Go Enterprises stockholders equity accounts, with balances on January 1, 20Y1, are as follows: The following selected transactions occurred during the year: Instructions 1. Enter the January 1 balances in T accounts for the stockholders equity accounts listed. Also prepare T accounts for the following: Paid-In Capital from Sale of Treasury Stock; Stock Dividends Distributable; Stock Dividends; Cash Dividends. 2. Journalize the entries to record the transactions, and post to the eight selected accounts. Assume that the closing entry for revenues and expenses has been made and post net income of 775,000 to the retained earnings account. 3. Prepare a statement of stockholders equity for the year ended December 31, 20Y1. Assume that net income was 775,000 for the year ended December 31, 20Y6. 4. Prepare the Stockholders Equity section of the December 31, 20Y1, balance sheet.
On April 2, West Company declared a cash dividend of $0.50 per share. There are 50,000 shares outstanding. What is the journal entry that should be recorded?
On April 15 of this year, the board of directors for Jedi Company declared a cash dividend of 62 cents per share payable to stockholders of record on May 20. The dividends will be paid on June 14. The company has 109,000 shares of stock outstanding. Prepare any necessary journal entries for each date. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet > Record the appropriate journal entry on April 15 related to the cash dividend. Note: Enter debits before credits. Date General Journal Debit Credit April 15 Record entry Clear entry View general journal
On March 1, Blue Devil Inc. declared the cash dividends of $44,000 to its common shareholders. Blue Devil recorded the names of shareholders on March 8 and ultimately made payments to shareholders on March 15. Prepare the journal entries for the following cash dividend dates: (1) the date of declaration, (2) the date of record, and (3) the date of payment. HTML EditorKeyboard Shortcuts
Grouper Corp. has 7,700 shares of common stock outstanding. It declares a $5 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31. Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit
On November 12, XYZ Corporation declared a total cash dividend of $45,000 for stockholders of record on November 20 and payable on December 1. (a) Journalize the entries required on November 12, November 20, and December 1. (b) Briefly describe the significance of November 20.
On January 1, Icecap had 7,900 shares of $2 par common stock issued and outstanding. The following transactions occurred during the year. April 15: Declared a cash dividend of $0.80 per share to stockholders of record on May 31. July 10: Paid the $0.80 cash dividend. A Prepare the entry to declare the dividends. (Credit account titles are automatically indented when the amount is entered. Do not Indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter o for the amounts) Date Account Titles and Explanation Apr. 15 Cash Dividends Dividends Payable (To record declaration of cash dividend) Debit Date Account Title Credit B. Prepare the entry to pay the dividend. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account tities and enter O for the amounts.)
31. Closed the credit balance of the income summary account, $269,400. 2. Journalize the entries to record the transactions, and post to the eight selected Treasury Stock; Stock Dividends Distributable; Stock Dividends; Cash Dividends. listed. Also prepare T accounts for the following: Paid-In Capital from Sale cf July 1. Declared a 4% stock dividend on common stock, to be capitalized at the 1. Enter the January 1 balances in T accounts for the stockholders' equity accounts FROBLEM 12-4B Btries for selected oporate transactions Objectives 4, 5, 7, 8 Shoshone Enterprises Inc. manufactures bathroom fixtures. The stockholders' equity accounts of Shoshone Enterprises Inc., with balances on January 1, 2006, are as follows: Common Stock, $20 stated value (100,000 shares authorized, 75,000 shares issued) Paid-In Capital in Excess of Stated Value Retained Earnings.. Treasury Stock (5,000 shares, at cost) $1,500,000 180,000 725,000 140,000 ADNET ASS The following selected transactions occurred…
Bonita Corporation has 86,000 shares of common stock outstanding. It declares a $2 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31. Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry"
On January 2, Carlton, Incorporated, issued 100 shares of $10 par value common stock for cash of $10 per share. Complete the necessary journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. View transaction list Journal entry worksheet 1 On January 2, Carlton, Inc., issued 100 shares of $10 par value common stock for cash of $10 per share. Note: Enter debits before credits. Date Jan. 2 Cash Common stock General Journal Debit Credit

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Financial And Managerial Accounting

Accounting

ISBN:

9781337902663

Author:

WARREN, Carl S.

Publisher:

Cengage Learning,

Quickbooks Online Accounting

Accounting

ISBN:

9780357391693

Author:

Owen

Publisher:

Cengage

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Financial And Managerial Accounting

Accounting

ISBN:

9781337902663

Author:

WARREN, Carl S.

Publisher:

Cengage Learning,

Quickbooks Online Accounting

Accounting

ISBN:

9780357391693

Author:

Owen

Publisher:

Cengage

SEE MORE TEXTBOOKS