Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help On June 30, Manny's Health Food Store, Inc. Board of Directors declared a cash dividend of $.25 per share. There are 10,000 shares

Please help

image text in transcribed
On June 30, Manny's Health Food Store, Inc. Board of Directors declared a cash dividend of $.25 per share. There are 10,000 shares outstanding. What Is the journal entry to record the declaration of this dividend? Multiple Choice 10 O No entry required Colla O DR Retained Earnings $2,500, and CR Dividends Payable $2 500 O DR Dividends Payable $2,500, and CH Retained Earnings $2,500 O OF Dividends Payable $2,500, and CR Cash $2,400

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Statistics Unlocking The Power Of Data

Authors: Robin H. Lock, Patti Frazer Lock, Kari Lock Morgan, Eric F. Lock, Dennis F. Lock

1st Edition

0470601876, 978-0470601877

Students also viewed these Accounting questions