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Roush Inc. has 100,000 shares of $5 par value common stock issued and outstanding. On July 1, 2019 the board of directors of Roush, Inc. authorizes a $.33 per share dividend to shareholders of record on July 31, 2019. The dividend will be paid August 20, 2019. What is the entry on July 31, 2019? Select one: O a. Dr. Cash Dividends $33,000. Cr. Dividends Payable $33,000 O b. Dr. Dividends Payable $500,000. Cr. Cash Dividends $500,000 Oc. No entry is necessary O d. Dr. Dividends Payable $33,000. Cr. Cash $33,000

Roush Inc. has 100,000 shares of $5 par value common stock issued and outstanding. On July 1, 2019 the board of directors of Roush, Inc. authorizes a $.33 per share dividend to shareholders of record on July 31, 2019. The dividend will be paid August 20, 2019. What is the entry on July 31, 2019? Select one: O a. Dr. Cash Dividends $33,000. Cr. Dividends Payable $33,000 O b. Dr. Dividends Payable $500,000. Cr. Cash Dividends $500,000 Oc. No entry is necessary O d. Dr. Dividends Payable $33,000. Cr. Cash $33,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Roush Inc. has 100,000 shares of $5 par value common stock issued and outstanding. On July 1, 2019 the board of directors of Roush, Inc. authorizes a $.33 per share dividend to shareholders of record on July 31, 2019. The dividend will be paid August 20, 2019. What is the entry on August 20, 2019? Select one: O a. Dr. Dividends Payable $500,000. Cr. Cash $500,000 O b. Dr. Cash Dividends $33,000. Cr. Dividends Payable $33,000 Oc. Dr. Dividends Payable $33,000. Cr. Cash $33,000 Od. No entry is necessary Oe. None of the above Roush Inc. has 100,000 shares of $5 par value common stock issued and outstanding. On July 1, 2019 the board of directors of Roush, Inc, authorizes a $.33 per share dividend to shareholders of record on July 31, 2019. The dividend will be paid August 20, 2019. What is the entry on July 31, 2019? Select one: Oa. Dr. Cash Dividends $33,000. Cr. Dividends Payable $33,000 O b. Dr. Dividends Payable $500,000. Cr. Cash Dividends $500,000 Oc. No entry is necessary Od. Dr. Dividends Payable $33,000. Cr. Cash $33,000
Transcribed Image Text:Roush Inc. has 100,000 shares of $5 par value common stock issued and outstanding. On July 1, 2019 the board of directors of Roush, Inc. authorizes a $.33 per share dividend to shareholders of record on July 31, 2019. The dividend will be paid August 20, 2019. What is the entry on August 20, 2019? Select one: O a. Dr. Dividends Payable $500,000. Cr. Cash $500,000 O b. Dr. Cash Dividends $33,000. Cr. Dividends Payable $33,000 Oc. Dr. Dividends Payable $33,000. Cr. Cash $33,000 Od. No entry is necessary Oe. None of the above Roush Inc. has 100,000 shares of $5 par value common stock issued and outstanding. On July 1, 2019 the board of directors of Roush, Inc, authorizes a $.33 per share dividend to shareholders of record on July 31, 2019. The dividend will be paid August 20, 2019. What is the entry on July 31, 2019? Select one: Oa. Dr. Cash Dividends $33,000. Cr. Dividends Payable $33,000 O b. Dr. Dividends Payable $500,000. Cr. Cash Dividends $500,000 Oc. No entry is necessary Od. Dr. Dividends Payable $33,000. Cr. Cash $33,000
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