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What the journal entry on february includes a debit of

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Problem 1: On February 14, George Incorporated, a domestic corporation engaged in manufacturing cosmetic products, declared a cash dividend of P30 per share, payable on April 2, 2019, to shareholders of record on March 30, 2019. There were 10,000 ordinary shares outstanding, with par value of P10. In its books, the journal entry on February 14 includes a debit of:

a. "Cash Dividends Payable of P300,000"
b. "Retained Earnings of P300,000"
c. "Cash Dividends Payable of P100,000"
d. "Ordinary Share Capital of P100,000"

Reference no: EM132905651

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