Use the following information for questions
On July 15, 2012, the board of directors of George Easton Limited declared a cash dividend of $0.50 per share on 84,000 common shares. The dividend is to be paid on August 15, 2012, to shareholders of record on July 31, 2012.
-The journal entry to be recorded on July 15, 2012, will include a
A)debit to Dividends Payable.
B)debit to Cash Dividends.
C)credit to Cash.
D)credit to Retained Earnings.

Question

Use the following information for questions 
On July 15, 2012, the board of directors of George Easton Limited declared a cash dividend of $0.50 per share on 84,000 common shares. The dividend is to be paid on August 15, 2012, to shareholders of record on July 31, 2012.
-The journal entry to be recorded on July 15, 2012, will include a
A)debit to Dividends Payable.
B)debit to Cash Dividends.
C)credit to Cash.
D)credit to Retained Earnings.

Quizplus · Accepted Answer

The Answer of Use the following information for questions 
On July 15, 2012, the board of directors of George Easton Limited declared a cash dividend of $0.50 per share on 84,000 common shares. The dividend is to be paid on August 15, 2012, to shareholders of record on July 31, 2012.
-The journal entry to be recorded on July 15, 2012, will include a
A)debit to Dividends Payable.
B)debit to Cash Dividends.
C)credit to Cash.
D)credit to Retained Earnings.

Use the Following Information for Questions