Multiple Choice
A company declared a $0.55 per share cash dividend.The company has 200,000 shares authorized,190,000 shares issued,and 8,000 shares in treasury stock.The journal entry to record the payment of the dividend is:
A) Debit Retained Earnings $104,500; credit Common Dividends Payable $104,500.
B) Debit Common Dividends Payable $104,500; credit Cash $104,500.
C) Debit Retained Earnings $100,100; credit Common Dividends Payable $100,100.
D) Debit Common Dividends Payable $100,100; credit Cash $100,100.
E) Debit Retained Earnings $110,000; credit Common Dividends Payable $110,000.
Correct Answer:
Verified
Correct Answer:
Verified
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