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On August 17, a company declared cash dividends of $35,000. The dividends were paid on...

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Accounting

On August 17, a company declared cash dividends of $35,000. The dividends were paid on September 16. Journal entries are made to record both events. Which ONE of the following should be included in the journal entry necessary to record the DECLARATION of the dividends on August 17?

  • DEBIT Cash for $35,000
  • DEBIT Dividends (or Retained Earnings) for $35,000
  • DEBIT Common Stock at Par for $35,000
  • DEBIT Dividends Payable for $35,000

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