Which of the following is the appropriate general journal entry to record the declaration of cash dividends? Please provide the [Select] v and [Select] accounts. [ Select] Cash Dividends Accounts Payable Cash Cash Dividends Payable
Which of the following is the appropriate general journal entry to record the declaration of cash dividends? Please provide the [Select] v and [Select] accounts. [ Select] Cash Dividends Accounts Payable Cash Cash Dividends Payable
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![Which of the following is the appropriate general journal entry to record the
declaration of cash dividends? Please provide the ISelect]
vand
[ Select ]
accounts.
Select
Cash Dividends
Accounts Payable
Cash
Cash Dividends Payable](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1669f052-7c64-4670-b150-2cccd7d3d071%2Ffa79717d-0621-4547-9df0-da5f1d45101f%2F59q2ho_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Which of the following is the appropriate general journal entry to record the
declaration of cash dividends? Please provide the ISelect]
vand
[ Select ]
accounts.
Select
Cash Dividends
Accounts Payable
Cash
Cash Dividends Payable
![Which of the following is the appropriate general journal entry to record the
declaration of cash dividends? Please provide the Select]
and
[Select]
Paid in Capital
[ Select ]
accounts.
Cash Dividends
Cash Dividends Payable
Retained Earnings](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1669f052-7c64-4670-b150-2cccd7d3d071%2Ffa79717d-0621-4547-9df0-da5f1d45101f%2Fvo61uxg_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Which of the following is the appropriate general journal entry to record the
declaration of cash dividends? Please provide the Select]
and
[Select]
Paid in Capital
[ Select ]
accounts.
Cash Dividends
Cash Dividends Payable
Retained Earnings
Expert Solution
Step 1
As no stock is involved, paid in capital is not used.
Dividends payable is not a operating liability, hence accounts payable is not used.
Retained earnings is used at the closing the dividends account not at the time of declaration. Hence, retained earnings is not used.
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