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02-08-2010, 05:40 PM
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#12
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Colonel 
Drives: Red Flyer
Join Date: Aug 2008
Location: 38.8977° N, 77.0366° W
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Quote:
Originally Posted by silvergray545
We just went over this in class last week. I haven't had much time to review this but this is what I know off the top of my head. Correct me if I'm wrong.
The answer is C.
Assets = Liabilities + Stockholder's Equity
Cash is an Asset. Dividends payable is a Liability. Debit dividends payable, credit cash. Stockholder's Equity is untouched since the dividend was previously declared.
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Yup, that's correct.
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