Question: Train company has 100,000 shares of common stock outstanding. On april 15, the board declared a $.30 dividend to be paid to stockholders of record on May 4. The dividend was distrubuted on May 15. The proper journal entry for Train Company on May 15 does not include___________.
a. both a debit to Dividends Payable for $30,000 and a credit to Cash for $30,000
b. none of these
c. a credit to Cash for $30,000
d. a debit to Dividends for $30,000
e. a debit to dividends payable for $30,000