Short Answer
On June 1, the board of directors declared a $100,000 cash dividend to be distributed to common stockholders of record on June 15. The dividend will be paid on July 1. The required journal entry on June 1 includes a
a.$100,000 debit to retained earnings.
b.$100,000 debit to dividends payable.
c.$100,000 credit to cash.
d.$100,000 credit to common stock.
Correct Answer:
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The correct answer is:
a. $100,000 debi...View Answer
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Correct Answer:
Answered by ExamLex AI
a. $100,000 debi...
View Answer
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