Question

prepare journal entries to record the following transactions for emerson corporation. note: if no entry is required for a transaction/event, select
o journal entry required\ in the first account field. july 15 declared a cash dividend payable to common stockholders of $162,000. august 15 date of record is august 15 for the cash dividend declared on july 15. august 31 paid the dividend declared on july 15. view transaction list journal entry worksheet record the payment of cash dividend. note: enter debits before credits. date general journal debit credit august 31

Explanation:

Step1: Analyze the transaction

When a cash dividend is paid, the liability (Dividends Payable) is reduced and cash (an asset) is decreased.

Step2: Determine the accounts to debit and credit

Debit the Dividends Payable account (to reduce the liability) and credit the Cash account (to reduce the asset).

Answer:

Date	General Journal	Debit	Credit
	Cash		$162,000