The board of directors of Yancey Company declared a cash dividend of $1.50 per s

Question

The board of directors of Yancey Company declared a cash dividend of $1.50 per share on 42,000 shares of common stock on July 15, 201X. The dividend is to be paid on August 15, 201X, to stockholders of record on July 31, 201X. The effects of the journal entry to record the declaration of the dividend on July 15, 201X are to

Question 6 options:

decrease stockholder's equity and increase liabilities

decrease stockholder's equity and decrease assets

increase stockholders' equity and decrease assets

increase stockholders' equity and increase liabilities

decrease stockholder's equity and increase liabilities

decrease stockholder's equity and decrease assets

increase stockholders' equity and decrease assets

increase stockholders' equity and increase liabilities

Explanation / Answer

decrease stockholders equity and increase liabilities

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