Answers
| Date | Account Title and Explanation | Debit | Credit |
| June 30 | Retained earnings | 35,000 | |
| Common dividend payable | 35,000 | ||
| (To record declaration of cash dividend) | |||
| July 15 | No entry | ||
| July 31 | Common dividend payable | 35,000 | |
| Cash | 35,000 | ||
| (To record payment of dividend) |
Dividend = $0.35 x 100,000 = $35,000
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