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Record the entry on the date of declaration for a cash

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On May 20, the board of directors for Auction.com declared a cash dividend of 50 cents per share payable to stockholders of record on June 14. The dividends are paid on July 14. The company has 509,000 shares of stock outstanding. Closing entries are recorded on July 31.

Record the entry on the date of declaration for a cash dividend of 50 cents per share payable on the 509,000 shares of stock outstanding record in general journal entry T account on may 20.

Reference no: EM132316668

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