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Financial Accounting MCQs

What is an appropriate set of journal entries to recognize the declaration of dividends?

Debit Retained Earnings; Credit Dividends payable

Debit Convertible Stock; Credit cash

Debit Dividends payable; Credit Retained Earnings;

Debit Paid-in capital; Credit Cash

Answer

Correct Answer: Debit Retained Earnings; Credit Dividends payable

Explanation:

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