On November 1,2018,Uno,Inc

question 172

Multiple Choice

On November 1,2018,Uno,Inc.declared a dividend of $4.50 per share.Uno,Inc.has 23,000 shares of common stock outstanding and no preferred stock.Which of the following is the journal entry needed to record the declaration of the dividend?

• A) Debit Dividends Payable-Common $103,500, and credit Retained Earnings $103,500.
• B) Debit Cash Dividends $103,500, and credit Cash $103,500.
• C) Debit Cash Dividends $103,500, and credit Dividends Payable-Common $103,500.
• D) Debit Cash $103,500, and credit Dividends Payable-Common $103,500.