Assume Garrison Guitar Company Declared a $0 $\begin{array}{|l|r|r|}\hline \text { Retained Earnings } & 3,360 & \\\hline \text { Common Dividends Payable } & & 3,360 \\\hline\end{array}$

question 66

Multiple Choice

Assume Garrison Guitar Company declared a $0.28 per share cash dividend and that the company has 25,000 shares authorized,19,000 shares issued and 12,000 shares of common stock outstanding.The general journal entry to record the dividend declaration is:

• A)
• \(\begin{array}{|l|r|r|}
• \hline \text { Retained Earnings } & 3,360 & \\
• \hline \text { Common Dividends Payable } & & 3,360 \\
• \hline
• \end{array}\)
• B)
• \(\begin{array}{|l|r|l|}
• \hline \text { Common Dividends Payable } & 5,320 & \\
• \hline \text { Cash } & & 5,320 \\
• \hline
• \end{array}\)
• C)
• \(\begin{array}{|l|r|r|}
• \hline \text { Retained Earnings } & 5,320 & \\
• \hline \text { Common Dividends Payable } & & 5,320 \\
• \hline
• \end{array}\)
• D)
• \[\begin{array} { | c | c | c | }
• \hline \text { Common Dividends Payable } & 7,000 & \\
• \hline \text { Cash } & & 7,000 \\
• \hline
• \end{array}\]
• E)
• \(\begin{array}{|c|c|c|}
• \hline \text { Retained Earnings } & 7,000 & \\
• \hline \text { Common Dividends Payable } & & 7,000 \\
• \hline
• \end{array}\)

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