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1. XYZ Company consists of 100,000 shares of stock outstanding. On January 1, 200X XYZ Company declared a cash dividend of .50 per share to be paid on January 31. On January 1 XYZ Company will make the given journal entry:

a) Debit cash $50,000 and credit dividends payable $50,000.

b) Debit dividends declared $50,000 and credit dividends payable $50,000.

c) Credit cash $50,000and debit dividends declared $50,000.

d) No entry is made till January 31. 

2. Which of the given will result when a dividend is paid?

a) A credit to dividends payable.

b) A debit to dividends payable.

c) A debit to capital.

d) A credit to capital.

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