23. Torchy Corporation's board of directors declares a cash dividend to be paid to its common...
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23. Torchy Corporation's board of directors declares a cash dividend to be paid to its common shareholders. The journal entry related to the cash dividend on its record date will include: a. Debit to Cash Dividends - Common. b. Credit to Dividents Payable. c. No journal entry is required. d. Credit to Cash Dividends - Common. e. Only a note disclosure is required. 23. Torchy Corporation's board of directors declares a cash dividend to be paid to its common shareholders. The journal entry related to the cash dividend on its record date will include: a. Debit to Cash Dividends - Common. b. Credit to Dividents Payable. c. No journal entry is required. d. Credit to Cash Dividends - Common. e. Only a note disclosure is required.
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ANSWER IS c No journal entry required EXPLANATION Th... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0134127620
11th edition
Authors: Walter Harrison, Charles Horngren, William Thomas, Wendy Tietz
Posted Date:
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