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.

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Definitions:

Substantial Capacity Test

is a legal standard used to determine if an individual has the mental capacity to understand the wrongfulness of their actions for the purpose of establishing criminal responsibility.

Involuntary Act

An action performed by an individual without conscious control, often considered in legal contexts concerning liability.

Arraigned

The legal procedure of formally charging an individual in court and asking for their plea to the charges.

Defendant

The party in a legal proceeding accused of committing a crime or facing a civil lawsuit.