West company declared a $0.50 per share cash dividend. the company has 190,000 shares issued, and 10,000 shares in treasury stock. the journal entry to record the dividend declaration is:

The journal entry to record the dividend declaration is:

Debit Retained Earnings $90,000 and Credit Common Dividends Payable $90,000

The steps below are correct in how to solve for the journal entry. A dividend declaration is that date where a company lets everyone know their next dividend payment. There is usually a press release prior to the dividend paying out. Retained earnings describes the money left over after a business pays out dividends to their shareholders. Dividends payable is the money that is paid to their shareholders.

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