Malcolm Corporation Declared a Dividend of $5 Per Share on 1,000

Multiple Choice

Malcolm Corporation declared a dividend of $5 per share on 1,000 shares.The entry to record the transaction would be to:

A) debit Dividends Expense $5,000; credit Cash $5,000.
B) credit Cash $5,000,debit Dividends Expense $5000.
C) debit Dividends Payable $5,000; credit Retained Earnings $5,000.
D) debit Retained Earnings $5,000; credit Dividends Payable $5,000.