1.A company's board of directors votes to declare a cash dividend of $1.00 per share on its 12,000 common shares outstanding. The journal entryto record the declaration of the cash dividend is: The journal entry to record the declaration of the cash dividend is:2.A company's board of directors votes to declare a cash dividend of $1.00 per share on its 12,000 common shares outstanding. The journal entryto record the declaration of the cash dividend is: Multiple Choice Debit Dividend Expense $12,000; credit Common Dividend Payable $12,000.Debit Retained Earnings $12,000; credit Common Dividend Payable $12,000. Debit Common Dividend Payable $12,000; credit Retained Earnings$12,000. Debit Common Dividend Payable $12,000; credit Cash $12,000. Debit Dividend Expense $12,000; credit Cash $12,000.

Journal entries forms basic accounting steps to record the transactions of an organisation in books…

Answered: 1.A company's board of directors votes…

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter11: Accounting For Transactions Using A General Journal

Section11.3: Accounting For The Declaration And Payment Of A Dividend

Problem 1WT

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