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4 December, 01:34

Poundcake Company owns 10,000 shares (10% of total shares) of Joshua, Inc. Joshua declares and pays a cash dividend of $0.50 per share. Poundcake first records dividends when cash is received. Upon receipt of the cash dividend, what entry should Poundcake make?

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  1. 4 December, 03:22
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    Journal Entries

    On declaration of dividend

    Dividend Receivable (10000*.5) 5000

    Dividend Income 5000

    To record the Dividend Income on declaration date

    On dividend Receipt Date

    Cash 5000

    Dividend Receivable 5000

    To record the receipt Dividend in ledgers.
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Home » Business » Poundcake Company owns 10,000 shares (10% of total shares) of Joshua, Inc. Joshua declares and pays a cash dividend of $0.50 per share. Poundcake first records dividends when cash is received.
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