LMN Ltd Declared an Interim Dividend on 12 February 2016

question 41

Multiple Choice

LMN Ltd declared an interim dividend on 12 February 2016 of 5 cents per share (500 000 issued shares) and paid it on 3 March 2016.
- The journal entry on 3 March 2016 would include:

• A) Dr Interim dividend declared,$25 000.
• B) Cr Cash,$25 000.
• C) Cr Interim dividend payable,$25 000.
• D) Cr Retained profits,$25 000.

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