Question
JOURNAL ENTRIES: On the date of payment, what is the journal entry to record the payment of a 5,000 cash dividend on common stock? a.
JOURNAL ENTRIES: On the date of payment, what is the journal entry to record the payment of a 5,000 cash dividend on common stock?
a. Dr. Retained Earnings 5,000; Cr. Dividends Payable Common 5,000
b. Dr. Dividends Payable Common 5,000; Cr. Retained Earnings 5,000
c. Dr. Dividend Payable Common 5,000 Cr. Cash 5,000
d. Dr. Cash 5000 Cr. Dividend Payable Common 5000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Principles of Financial Accounting
Authors: Belverd E. Needles, Marian Powers
12th edition
978-1133940562, 1133940560, 978-1285608464, 1285608461, 1133939287, 978-0357693605, 978-1285607047, 128560704X, 978-1133939283
