Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on august 17, a company declared cash dividends of

On August 17, a company declared cash dividends of $35,000. The dividends were paid on...

90.2K

Verified Solution

Question

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

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Mortgage Dectricity Car Loan A 220 00 B 190 00 Monthly Expenditures C 217 33...

Geometry
Q

How would you use multiple regression analysis to purchase a used car? List all the variables...

Statistics
Q

Benzoic acid is a weak acid that has antimicrobial properties. Its sodium salt, sodium benzoate, is...

Chemistry
Q

The velocity profile for a steady laminar flow in a circular pipe of radius R is...

Mechanical Engineering
Q

1) A company has variable costs of $24.50, total fixed costs of $20,500,000 and plans to...

Accounting
Q

Robbie and Saurab are pre-med and pre-pharmacy students, respectively. They complain to their biology professor...

Biology
Q

Suppose you are playing a second game with a set of 5 loaded dice The...

Statistics
Q

What is the frequency of the sinusoidal graph A 3 AMA 3r 2 3 Enter...

Algebra
Q

contribution margin in A. $240 per unit B. $70 per unit C. $100 per unit...

Accounting
Q

AMT Tax Consulting reports the following amounts for the fiscal year: cost of services, $200,000;...

Accounting
Q

Answer the following question(s) using the information below: The Sour Milk Company processes unprocessed milk...

Accounting
Q

Why do we need to deduct gain on sale of plant assets from net income...

Accounting