Papa's Foods has outstanding 350 $10.00 preferred shares and 1,900 common shares. Papa's declares dividends of $13,800. What is the correct entry?
OA.
Accounts
Debit
Credit
Dividends Expense
13,800
Cash
13,800
OB.
Accounts
Debit
Credit
Retained Earnings
13,800
Dividends Payable, Preferred
3,500
Dividends Payable, Common
10,300
OC.
Accounts
Debit
Credit
Retained Earnings
13,800
Dividends Payable, Preferred
6,900
Dividends Payable, Common
6,900
OD.
Accounts
Debit
Credit
Dividends Payable, Preferred
3,500
Dividends Payable, Common
10,300
Cash
13,800
Submit quiz