Homework Help is Here – Start Your Trial Now!
Business
Accounting
On the date of declaration what is the journal entry to record the declaration of a 25,000 cash dividend on common stock? A. No entry B. Dr. Retained Earnings 25000; Cr. Dividend Payable-Common 25000 C. Dr. Cash 25000; Cr. Dividend Payable-Common 25,000 D. Dr. Dividend Payable-Common 25,000; Cr. Cash 25,000 E. None of the above

On the date of declaration what is the journal entry to record the declaration of a 25,000 cash dividend on common stock? A. No entry B. Dr. Retained Earnings 25000; Cr. Dividend Payable-Common 25000 C. Dr. Cash 25000; Cr. Dividend Payable-Common 25,000 D. Dr. Dividend Payable-Common 25,000; Cr. Cash 25,000 E. None of the above

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Question 1 On the date of declaration what is the journal entry to record the declaration of a 25,000 cash dividend on common stock? A. No entry B. Dr. Retained Earnings 25000; Cr. Dividend Payable-Common 25000 C. Dr. Cash 25000; Cr. Dividend Payable-Common 25,000 D. Dr. Dividend Payable-Common 25,000; Cr. Cash 25,000 E. None of the above
Transcribed Image Text:Question 1 On the date of declaration what is the journal entry to record the declaration of a 25,000 cash dividend on common stock? A. No entry B. Dr. Retained Earnings 25000; Cr. Dividend Payable-Common 25000 C. Dr. Cash 25000; Cr. Dividend Payable-Common 25,000 D. Dr. Dividend Payable-Common 25,000; Cr. Cash 25,000 E. None of the above
Question 2 Which account does NOT have the normal balance? A. Treasury stock balance 10000 debit B. Paid in Capital balance 20000 credit C. Common Stock balance 50000 credit D. Dividend Payable-Common balance 10000 credit E. All of the four accounts have the normal balance
Transcribed Image Text:Question 2 Which account does NOT have the normal balance? A. Treasury stock balance 10000 debit B. Paid in Capital balance 20000 credit C. Common Stock balance 50000 credit D. Dividend Payable-Common balance 10000 credit E. All of the four accounts have the normal balance
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS