The Board of Directors declared a 5% cash dividend on January 1, 2021, to shareholders of record as of January 15, 2021, payable on February 15, 2021. The pro-forma entry on January 1 would be Select the correct response: O No Entry Dr. Retained Earnings; Cr. Cash Dr. Retained Earnings; Cr. Dividends Payable Dr. Dividends Payable; Cr. Retained Earnings

The Board of Directors declared a 5% cash dividend on January 1, 2021, to shareholders of record as of January 15, 2021, payable on February 15, 2021. The pro-forma entry on January 1 would be Select the correct response: O No Entry Dr. Retained Earnings; Cr. Cash Dr. Retained Earnings; Cr. Dividends Payable Dr. Dividends Payable; Cr. Retained Earnings

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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