Andes, Inc. pays its shareholders a dividend of $10,000. What journal entry should Andes, Inc. record?...
Andes, Inc. pays its shareholders a dividend of $10,000. What journal entry should Andes, Inc. record?
Group of answer choices
a. DR: Stock 10,000; CR: Cash 10,000
b. DR: Cash 10,000; CR: Dividend 10,000
c. DR: Asset 10,000; CR: Equity 10,000
d. DR; Dividend 10,000; CR: Cash 10,000
Homework Answers
Correct Option :
d. DR; Dividend 10,000; CR: Cash 10,000
Explanation :
Dividend is a current liabilities , liabilities contains credit balances , to reduce credit balance we need to give debit to dividend .
Whereas cash is a asset which has debit balance, to reduce cash we need to give credit to cash.
Golden rule of accounting , Debit whats comes in credit what goes out is applied here.
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