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Which option is correct? On May 15 , the board of directors declared a cash dividend of $50,000. The date of record is June 1
Which option is correct? 
On May 15 , the board of directors declared a cash dividend of $50,000. The date of record is June 1 and the payment date is June 20. The joumal entry on June 1 would be: A. no entry needed. B. Debit Retained Earnings; credit Dividends Payable. C. Debit Cash; credit Dividends Payable. D. Debit Dividends Payable; credit Cash Step by Step Solution
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Auditing And Assurance Services
Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Chris E. Hogan
16th Global Edition
1292147989, 978-1292147987
