Business, 14.04.2020 15:47 Blackhawk1881

On May 20, the board of directors for Auction declared a cash dividend of 50 cents per share payable to stockholders of record on June 14. The dividends are paid on July 14. The company has 510,000 shares of stock outstanding. Closing entries are recorded on July 31. Prepare any necessary journal entries for each date.

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