QS 13-4 Prepare journal entries to record the following transactions for Skylar Corporation:?

Question

May 15 Declared a $48,000 cash dividend payable to common stockholders.

July 31 Paid the dividend declared on May 15.

Answer 1

1.) Debit - Retained Earnings

     Credit - Dividend Payable

2.) Debit - Dividend Payable

     Credit - Cash