Question

On Mar 3, Lyons Company paid dividends of $1,000. Use your knowledge of what a correct journal entry should look like to identify what would be include

Answer 1

Answer:

Debit : Dividend $1,000

Credit : Cash $1,000

Explanation:

The Journal entry to record dividend payment include a Debit to Dividend Account and a Credit to Cash Account to depict the outflow of cash.