Question
On June 1, the board of directors declared a $100,000 cash dividend to be distributed to common stockholders of record on June 15. The dividend
On June 1, the board of directors declared a $100,000 cash dividend to be distributed to common stockholders of record on June 15. The dividend will be paid on July 1. The journal entry recorded on June 15 includes:
- A. $100,000 Debit to dividends payable
- B. No journal entry is required
- C. $100,000 credit to common stock
- D. $100,000 Credit to cash
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Auditing And Assurance Services
Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley
12th Edition
0136128270, 9780136128274
