An electric utility issued 3,000 shares of common stock, all of the same class; 2,800 shares are outstanding and 200 are held in the treasury. On August 15, the board of directors declared a cash dividend of $2.10 per share, payable on September 15, to stockholders of record on August 31.

Prepare the required journal entries for August 15, August 31, and September 15.

Question

An electric utility issued 3,000 shares of common stock, all of the same class; 2,800 shares are outstanding and 200 are held in the treasury. On August 15, the board of directors declared a cash dividend of $2.10 per share, payable on September 15, to stockholders of record on August 31.
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Prepare the required journal entries for August 15, August 31, and September 15.

Quizplus · Accepted Answer

The Answer of An electric utility issued 3,000 shares of common stock, all of the same class; 2,800 shares are outstanding and 200 are held in the treasury. On August 15, the board of directors declared a cash dividend of $2.10 per share, payable on September 15, to stockholders of record on August 31.
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Prepare the required journal entries for August 15, August 31, and September 15.

An Electric Utility Issued 3,000 Shares of Common Stock, All