On June 1, 2014, the Board of Directors Declared a $100,000

question 147

Multiple Choice

On June 1, 2014, the board of directors declared a $100,000 cash dividend to be distributed to common stockholders of record on June 15, 2014. The dividend will be paid on July 1, 2014. The required journal entry on June 1 includes a

• A)$100,000 debit to retained earnings.
• B)$100,000 debit to dividends payable.
• C)$100,000 credit to cash.
• D)$100,000 credit to common stock.

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Definitions:

Catholic Church

The largest Christian church, led by the Pope, with a global presence and a religious tradition that spans over two thousand years.

Leonid Brezhnev

A prominent Soviet politician who served as the General Secretary of the Communist Party of the Soviet Union from 1964 until his death in 1982.

Mikhail Gorbachev

The last leader of the Soviet Union, known for his policies of glasnost (openness) and perestroika (restructuring) which led to the end of the Cold War.