n November 1,2018, Uno, Inc. declared a dividend of $4.50 per share. Uno, Iinc h

Question

n November 1,2018, Uno, Inc. declared a dividend of $4.50 per share. Uno, Iinc has he following is the journal entry needed to record the declaration of the dividend? 23,000 shares of common stock outstanding and no preferred stock. Which of O A. Debit Cash Dividends $103,500, and credit Cash $103,500 O B. Debit Cash Dividends $103,500, and O C. Debit Dividends Payable-Common $103.500, and credit Retained Earnings $103,500 O D. Debit Cash $103,500, and credit Dividends Payable Common $10.500 credit Dividends Payable Common $103500 Click to select your answer

Explanation / Answer

As per the above , Answer = Option B

Journal Entries Date Account Title and explanation Debit Credit Cash Dividend $               1,03,500       To Dividend Payable - Common $                 1,03,500 (To Record the dividend declared in cash for common)

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