Homework Answers
Solution
Option b is correct:
Debit Retained earnings $5,000. credit Common dividends payable $5,000
Explanation:
Dividend is declared and payable on only those common shares which are outstanding. So common dividend payable is:
=10000 shares×$0.50
=$5,000
Journal entry will be:
| Account Titles | Debit | credit |
| Retained earnings | $5,000 | |
| Common dividends payable | $5,000 | |
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