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08-01-2024
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To journalize the payment of dividends on May 20 for $75,000, you would make the following journal entry:
a) Debit Cash $75,000; Credit Dividends $75,000
b) Debit Dividends $75,000; Credit Cash $75,000
c) Debit Retained Earnings $75,000; Credit Cash $75,000
d) Debit Cash $75,000; Credit Retained Earnings $75,000

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