J Smith, the Sole Stockholder, Received a $100 Dividend from Jay's

question 151

Multiple Choice

J. Smith, the sole stockholder, received a $100 dividend from Jay's Limo Services. Which of the following general journal entries will Jay's Limo Services make to record this transaction?

• A) \(\begin{array}{|l|r|r|}
• \hline \text { Dividends } & 100 & \\
• \hline \text { Cash } & & 100 \\
• \hline
• \end{array}\)
• B) \(\begin{array}{|l|r|r|}
• \hline \text { Cash } & 100 & \\
• \hline \text { Dividends } & & 100 \\
• \hline
• \end{array}\)
• C) \(\begin{array}{|l|r|r|}
• \hline \text { Common Stock } & 100 & \\
• \hline \text { Dividends } & & 100 \\
• \hline
• \end{array}\)
• D) \(\begin{array}{|l|r|r|}
• \hline \text { Dividends } & 100 & \\
• \hline \text { Common Stock } & & 100 \\
• \hline
• \end{array}\)
• E) \(\begin{array}{|l|r|r|}
• \hline \text { Cash } & 100 & \\
• \hline \text { Common Stock } & & 100 \\
• \hline
• \end{array}\)

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Definitions:

Lens Shape

A shape typically described as being thicker in the middle than at the edges, commonly associated with optical lenses.

Rock Types

Categories into which rocks are classified based on their formation process, including igneous, sedimentary, and metamorphic.

Conglomerate

A coarse-grained sedimentary rock composed of rounded clasts bonded together by a matrix of finer particles and cement.

Breccia

A coarse-grained sedimentary rock composed of angular fragments, usually formed at a fault zone or by volcanic activity.