a) On June 1, 2020 Nick Enterprises declared a dividend of $5,600 to common shareholders on record on June 4, 2020. Record the journal entry associated with this transaction. The company uses the retained earnings account to record dividends.
Do not enter dollar signs or commas in the input boxes.
Date Account Title and Explanation Debit Credit
Jun 1 Answer
Answer Answer
Answer
Record dividend payable b) Record the journal entry when Nick Enterprises pays out the dividend on July 16, 2020.
Date Account Title and Explanation Debit Credit
Jul 16 Answer
Answer Answer
Answer
Record payment of dividends declared on Jun 1