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When the Board of Directors Declares and Pays a $500

Question 58

Multiple Choice

When the board of directors declares and pays a $500 dividend, which of the following would be included in the resulting journal entry?

A) Dr.Retained earnings, Cr.Cash
B) Dr.Cash, Cr.Retained Earnings
C) Dr.Retained Earnings, Cr.Dividends declared
D) Dr.Cash, Cr.Dividends payable

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