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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

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter13: Investments And Long-term Receivables
Section: Chapter Questions
Problem 9MC: Cash dividends declared out of current earnings were distributed to an investor. How will the...
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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
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
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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