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The journal entry on the date of the payment of a cash dividend…

The journal entry on the date of the payment of a cash dividend includes:

PART A

1. A debit to dividends payable.

2. A credit to retained earnings.

3. A credit to dividends payable.

4. A debit to cash.

PART B
Which of the following statements is incorrect with regard to a normal transaction when a company repurchases its own common shares:

 

1. There will be a net decrease in the Shareholders’ Equity.

2. There is no net change to the Shareholders’ Equity.

3. The Cash account is credited for the full repurchase at the market price of the shares.

4. The Treasury Stock account is debited for the full repurchase amount at the market price of the shares.

 

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