Fowler Co.'s balance sheet showed the following at December 31,2016:

A cash dividend is declared on December 31,2016,and is payable on January 20,2017,to shareholders of record on January 10,2017.
Required:
(1. )Prepare all appropriate journal entries,assuming a cash dividend in the amount of $1.00 per share.
(2. )Prepare all appropriate journal entries,assuming a cash dividend in the amount of $5.00 per share.

Question

Fowler Co.'s balance sheet showed the following at December 31,2016:
  
A cash dividend is declared on December 31,2016,and is payable on January 20,2017,to shareholders of record on January 10,2017.
Required:
(1. )Prepare all appropriate journal entries,assuming a cash dividend in the amount of $1.00 per share.
(2. )Prepare all appropriate journal entries,assuming a cash dividend in the amount of $5.00 per share.

Quizplus · Accepted Answer

The Answer of Fowler Co.'s balance sheet showed the following at December 31,2016:
  
A cash dividend is declared on December 31,2016,and is payable on January 20,2017,to shareholders of record on January 10,2017.
Required:
(1. )Prepare all appropriate journal entries,assuming a cash dividend in the amount of $1.00 per share.
(2. )Prepare all appropriate journal entries,assuming a cash dividend in the amount of $5.00 per share.

Fowler Co'S Balance Sheet Showed the Following at December 31,2016