On August 17, a company declared cash dividends of $35,000. The dividends were paid on...
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Accounting
On August 17, a company declared cash dividends of $35,000. The dividends were paid on September 16. Journal entries are made to record both events. Which ONE of the following should be included in the journal entry necessary to record the DECLARATION of the dividends on August 17?
DEBIT Cash for $35,000
DEBIT Dividends (or Retained Earnings) for $35,000
DEBIT Common Stock at Par for $35,000
DEBIT Dividends Payable for $35,000
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