The journal entry for declaring a $9,000 dividend to be paid in the coming month is:
Date Account Title Debit Credit
XX-XX-XXXX Retained earnings $9,000
Dividends Payable $9,000
<h3>How is dividend declared recorded?</h3>
The Retained earnings account will be debited to show that the account is decreasing. This is because dividends are taken from the retained earnings of a company.
The dividends payable account will be credited with $9,000 to show that the company now owes its shareholders $9,000. This will then be debited next month to show payment.
In conclusion, retained earnings are debited, and dividends payable are credited.
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