On November 1,2018,Nada,Inc

question 171

Multiple Choice

On November 1,2018,Nada,Inc.declared a dividend of $5.00 per share on common stock.Nada,Inc.has 20,000 shares of common stock outstanding and no preferred stock.The date of record is November 15,and the payment date is November 30,2018.Which of the following is the journal entry needed on November 30,2018?

• A) Debit Cash Dividends $100,000, and credit Dividends Payable-Common $100,000.
• B) Debit Dividends Payable-Common $100,000, and credit Cash $100,000.
• C) Debit Cash $100,000, and credit Dividends Payable-Common $100,000.
• D) Debit Cash Dividends $100,000, and credit Cash $100,000.

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Definitions:

Contest

A competitive event in which individuals or teams strive to prove superiority in a particular area.

Initiation

The act of beginning something, such as a process or activity.

Tough Initiation

Practices or rituals designed to introduce and integrate new members into an existing community or organization, often involving challenging tasks or hardships.

Small Size

Referring to entities, organizations, or objects that possess relatively limited dimensions or scale.