On January 15, 2009, Rockney Systems, Inc. paid a cash dividend that had been declared prior to
Fantastic news! We've Found the answer you've been seeking!
Question:
On January 15, 2009, Rockney Systems, Inc. paid a cash dividend that had been declared prior to the end of its 2008 fiscal year. The entry to pay the dividends includes a debit to
a). Cash and a credit to Dividends Payable.
b). Dividends Payable and a credit to Cash
c). Retained Earnings and a credit to Dividends Payable.
d). Dividends Payable and a credit to Retained Earnings
Expert Answer:
Debit to dividends payable and credit to cash Explanation Cash is an asset so it ... View the full answer
Related Book For 
Government and Not for Profit Accounting Concepts and Practices
ISBN: 978-1118155974
6th edition
Authors: Michael H. Granof, Saleha B. Khumawala
Posted Date:
