Fancy Clothing Company is authorized to issue 110.000 shares of $2 par common stock. The company issued 5,100 shares at $6 per share, when the market price of the common stock was $10 per share. Later, Charter declared and paid a $0.50 per share cash dividend. The journal entry to declare the cash dividend would be: O Dividends Payable - Common 55,000 Cash Dividends 55,000 O Cash Dividends Dividends Payable - Common O Cash Dividends Dividends Payable - Common O Dividends Payable - Common Cash Dividends 2,550 55,000 2.550 2,550 55,000 2,550

Fancy Clothing Company is authorized to issue 110.000 shares of $2 par common stock. The company issued 5,100 shares at $6 per share, when the market price of the common stock was $10 per share. Later, Charter declared and paid a $0.50 per share cash dividend. The journal entry to declare the cash dividend would be: O Dividends Payable - Common 55,000 Cash Dividends 55,000 O Cash Dividends Dividends Payable - Common O Cash Dividends Dividends Payable - Common O Dividends Payable - Common Cash Dividends 2,550 55,000 2.550 2,550 55,000 2,550

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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