On May 1, CGI Corporation declared cash dividends on its common stock. The divided was payable on May 15 to shareholders of record on May 5. Which of the following entries will CGI make on May 5 in its accounting information system?
A) Debit retained earnings, credit dividends payable
B) Debit dividends payable, credit cash
C) Debit retained earnings, credit cash
D) None of the above
Correct Answer:
Verified
Q16: Accounting information systems have five basic elements.
Q17: The purpose of the conversion process is
Q17: The purpose of the conversion process is
Q19: Accounting information systems have five generic elements.
Q20: Accounting information systems have five basic elements.
Q22: Which of the following transactions is commonly
Q23: Which of the following best pairs a
Q24: One of the transactions commonly associated with
Q25: CGI Corporation had 10,000 shares of $2
Q36: One of the transactions commonly associated with
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents