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Question
The dates of importance in connection with a cash dividend of $50,000 on a corporation’s common stock are January 15, February 15, and March 15. Journalize the entries required on each date.
Answer
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a
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Journalize the following transactions (assume a 360-day year when computing interest): Mar. 1 Received a 90-day, 10% note for $24,000, dated March 1, from Batson Co. on account.May 30 The note of March 1 was dishonored.