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What account and amount would credit

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Reference no: EM132489175

Question 1: On June 1 (date of declaration), the company's board of directors announce the intention to pay a $0.50 per share dividend on the 1,000,000 outstanding shares of common stock to the stockholders of record on June 15. The payment date for the cash dividend is June 30. What account and amount would we credit when we record the journal entry on the date of payment?

Group of answer choices

Option 1: dividends, $500,000

Option 2: dividends payable, $500,000

Option 3: cash, $500,000

Option 4: no entry required

Reference no: EM132489175

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