The Following Information and Transactions Took Place During 2020 Prepare Journal Entries for the Above Transactions

Essay

The following information and transactions took place during 2020:
$\begin{array}{|l|l|}\hline \text { May-18 } & \begin{array}{l}\text { Declared a } \$ 8 \text { per share cash dividend on } 20,000 \text { common shares issued and } \\\text { outstanding. }\end{array} \\\hline \text { Jul-2 } & \text { Paid the cash dividends declared on May } 18 \text {. } \\\hline \text { Aug-31 } & \begin{array}{l}\text { Preparing closing entries. The balance in the income summary is } \$ 45,000 \\\text { credit. }\end{array} \\\hline\end{array}$ Prepare journal entries for the above transactions.