Magenta Corporation declared $0.70 per share cash dividends on September 18. The dividends were recorded and paid on September 23 and September 29, respectively. Magenta Corporation had 50,000 shares outstanding with par value of $1. The journal entry to record the transaction on September 29 is ... a. Cash Dividends $35,000 Dividends Payable $35,000 b. No journal entry required on this date c. Retained Earnings $50,000 Cash Dividends $50,000 d. Dividends Payable $35,000 Cash $35,000
Magenta Corporation declared $0.70 per share cash dividends on September 18. The dividends were recorded and paid on September 23 and September 29, respectively. Magenta Corporation had 50,000 shares outstanding with par value of $1. The journal entry to record the transaction on September 29 is ... a. Cash Dividends $35,000 Dividends Payable $35,000 b. No journal entry required on this date c. Retained Earnings $50,000 Cash Dividends $50,000 d. Dividends Payable $35,000 Cash $35,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Magenta Corporation declared $0.70 per share cash dividends on September 18. The
dividends were recorded and paid on September 23 and September 29, respectively.
Magenta Corporation had 50,000 shares outstanding with par value of $1. The journal
entry to record the transaction on September 29 is ...
a. Cash Dividends
$35,000
Dividends Payable
$35,000
b. Nojournal entry required on this date
c. Retained Earnings $50,000
Cash Dividends
$50,000
d. Dividends Payable $35,000
Cash
$35,000
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