July 15 Declared a cash dividend payable to common stockholders of $165,000. 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. Prepare journal entries to record the above transactions for Emerson Corporation

The journal entries are as follows:

In the books of Emerson Corporation

On July 15

Retained earnings Dr $165,000

To Dividend payable $165,000

(Being the dividend declared is recorded)

On August 15

No journal entry is required

On July 15

Dividend payable Dr $165,000

To Cash $165,000

(Being the dividend is paid for cash)