Author Question: Triple S Supply Co. declared its annual cash dividend on its 3% preferred stock (total par value ... (Read 50 times)

stephzh · **on:** Feb 18, 2020

Triple S Supply Co. declared its annual cash dividend on its 3% preferred stock (total par value $98,000) and a $0.25 per share cash dividend on its common stock (54,000 shares outstanding). The journal entry for the declaration date is:
◦ debit Retained Earnings $16,440, credit Dividends Payable - Preferred $2,940, credit Dividends Payable - Common $13,500
◦ no entry required on the declaration date.
◦ debit Retained Earnings $13,500, credit Dividends Payable $13,500
◦ debit Retained Earnings $4,260, credit Dividends Payable - Preferred $2,940, credit Dividends Payable - Common $1,320

reversalruiz · **Reply #1 on:** Feb 18, 2020

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