Desert Apparel has 5,000 shares of common stock outstanding. On April 1, the company declares a $2 per share dividend to stockholders of record on April 15. The dividend is paid on April 30. Record all necessary entries on the appropriate dates for cash dividends.
What will be an ideal response?
| April 1 | ? | ? |
| Dividends (5,000 shares × $2) | 10,000 | ? |
| Dividends Payable | ? | 10,000 |
| (Declare cash dividends) | ? | ? |
| April 15 | ? | ? |
| No Entry | ? | ? |
| April 30 | ? | ? |
| Dividends Payable (5,000 shares × $2) | 10,000 | ? |
| Cash | ? | 10,000 |
| (Pay cash dividends) | ? | ? |
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