On June 1, 2011, Donner Technologies Declared a $50,000 Cash

question 93

Multiple Choice

On June 1, 2011, Donner Technologies declared a $50,000 cash dividend to be distributed to its common stockholders of record on June 15, 2011. The dividend will be paid on July 1, 2011. The required journal entry on June 1 includes a:

• A) $50,000 debit to retained earnings.
• B) $50,000 debit to dividends payable.
• C) $50,000 credit to cash.
• D) $50,000 credit to common stock.

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