On June 7, Ramirez Incorporated paid a $6.25 cash dividend per share on 3,200 shares issued and outstanding. What is the journal entry to record this transaction?
A) Increase to Dividends Payable and a decrease to cash for $20,000
B) Increase to Dividends Payable and a decrease to Retained Earnings for $20,000
C) Decrease to Cash and a decrease to Retained Earnings for $20,000
D) Decrease to Cash and a decrease to Dividends Payable for $20,000
Correct Answer:
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