On March 8, Nunes Corporation declares a $3 cash dividend per share on 4,000 shares issued and outstanding. What is the journal entry to record this transaction?
A) Debit to Cash and credit to Dividends Payable
B) Debit to Retained Earnings and credit to Cash
C) Debit to Retained Earnings and credit to Dividends Payable
D) Debit to Dividends Payable and credit to Cash
Correct Answer:
Verified
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