On May 3, Bunny Unlimited paid a $4 cash dividend per share on $5,000 shares issued and outstanding. What is the journal entry to record this transaction?
A) A debit to Dividends Payable and a credit to Cash
B) A debit to Retained Earnings and a credit to Cash
C) A debit to Dividends Payable and a credit to Retained Earnings
D) A debit to Cash and a credit to Dividends Payable
Correct Answer:
Verified
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Q45: A dividend is declared by:
A) the board
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Q47: A cash dividend will reduce total stockholders'
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