Cash Dividend on Common Stock Accounting Cash Journal Entry Examples, Concepts, Illustrations, Sample Help Online
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What is Cash Dividend?
Cash Dividends are those dividends that are distributed out of accumulated earnings of a corporation to its shareholders in cash.
The date of declaration is the date on which the corporation decides to pay cash dividends to stockholders on a specific future date is agreed by the board of directors. At that date, the firm incurs a liability Dividends Payable and the debit to either Retained Earnings or Cash Dividend Declared.
The date of record is the date at which the stockholders showing in the ledgers are to be paid. No entry is required.
The date of payment is the date at which the firm distributes the dividend checks and eliminates the dividend payable as a liability.
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Cash Dividend on Common Stock Accounting Journal Entry Examples Explanation
Let’s assume that the company on March 15, 2009, declared a cash dividend of $1 per share on 2,000,000 shares payable June 1, 2009, to all stockholders of record April 15. The following journal entries are required
Date of declaration, March 15, 2009
Debit Retained Earnings [Cash Dividend Declared] = 2,000,000
Credit Dividends Payable = 2,000,000
Date of payment, June 1, 2009
Debit Dividends Payable = 2,000,000
Credit Cash = 2,000,000
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