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a cash dividend of $1.50 per share on 42,000 shares of common

Customer Question

a cash dividend of $1.50 per share on 42,000 shares of common stock on July 15, 2010. The dividend is to be paid on August 15, 2010, to stockholders of record on July 31, 2010. The correct entry to be recorded on July 15, 2010
Submitted: 7 years ago.
Category: Homework
Expert:  John replied 7 years ago.
Hi,
Hope your question is as follows,

a cash dividend of $1.50 per share on 42,000 shares of common stock on July 15, 2010. The dividend is to be paid on August 15, 2010, to stockholders of record on July 31, 2010. The correct entry to be recorded on July 15, 2010 will include a

a. debit to Dividends Payable

b. debit to Retained Earnings

c. credit to Cash

d. credit to Retained Earnings

Ans: b. debit to Retained Earnings
Customer: replied 7 years ago.

Question 40 text

The board of directors of Yancey Company declared a cash dividend of $1.50 per share on 42,000 shares of common stock on July 15, 2010. The dividend is to be paid on August 15, 2010, to stockholders of record on July 31, 2010. The correct entry to be recorded on July 15, 2010, will include a

Answer

Question 40 answers

 

debit to Dividends Payable.

 

debit to Cash Dividends.

 

credit to Cash.

 

credit to Cash Dividends

Expert:  Maheem replied 7 years ago.
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