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  1. business
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  3. the board for smith co. declared a $0.10 per share

The Board for Smith Co. declared a $0.10 per share cash dividend. Smith has 100,000...

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Accounting

The Board for Smith Co. declared a $0.10 per share cash dividend. Smith has 100,000 shares authorized, 95,000 shares issued, and 4,000 shares in treasury stock. The journal entry to record the dividend declaration is:

  • Debit Common Dividends $9,100; credit Common Dividend Payable $9,100.

  • Debit Common Dividends $9,500; credit Common Dividend Payable $9,500.

  • Debit Common Dividend Payable $9,100; credit Cash $9,100.

  • Debit Common Dividend Payable $9,500; credit Cash $9,500.

  • Debit Common Dividends $10,000; credit Common Dividend Payable $10,000.

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