Multiple Choice
Hutter Corporation declared a $0.50 per share cash dividend on its common shares.The company has 20,000 shares authorized,9,000 shares issued,and 8,000 shares of common stock outstanding.The journal entry to record the dividend payment is:
A) Debit Retained Earnings $4,000;credit Common Dividends Payable $4,000.
B) Debit Common Dividends Payable $4,000;credit Cash $4,000.
C) Debit Retained Earnings $4,500;credit Common Dividends Payable $4,500.
D) Debit Common Dividends Payable $4,500;credit Cash $4,500.
E) Debit Retained Earnings $10,000;credit Common Dividends Payable $10,000.
Correct Answer:
Verified
Correct Answer:
Verified
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