Molly's Brewery declared a cash dividend of $2,400 on July 1, 2018. It sets the record date as July 17, 2018, the ex-dividend date as July 15, 2018, and the payment date as August 5, 2018. Prepare all necessary journal entries to record this dividend.

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The Answer of Molly's Brewery declared a cash dividend of $2,400 on July 1, 2018. It sets the record date as July 17, 2018, the ex-dividend date as July 15, 2018, and the payment date as August 5, 2018. Prepare all necessary journal entries to record this dividend.

Molly's Brewery Declared a Cash Dividend of $2,400 on July