Fetzer Company declared a $0.35 per share cash dividend The company has 400,000

Question

Fetzer Company declared a $0.35 per share cash dividend The company has 400,000 shares authorized. 380,000 shares issued, and 16,000 shares in treasury stock The journal entry to record the payment of the dividend is: Debit Common Dividends Payable $133,000; credit Cash $133,000 Debit Retained Earnings $127,400; credit Common Dividends Payable $127,400 Debit Common Dividends Payable $127,400; credit Cash $127,400 Debit Retained Earnings $133,000; credit Common Dividends Payable $133,000 Debit Retained Earnings $140,000; credit Common Dividends Payable $140,000

Explanation / Answer

Common Dividends Payable A/c ......................Dr 133000

To Cash 133000

( Being dividends paid )

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