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25-12-2023
Business

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On May 21, Civic Company paid dividends of $1,000 to the shareholders. The journal entry to record this transaction would include a debit to:

A. Debit Cash $1,000, Credit Dividends Payable $1,000
B. Debit Dividends Payable $1,000, Credit Retained Earnings $1,000
C. Debit Dividends Expense $1,000, Credit Cash $1,000

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