The closing entry for the Dividends account would involve which of the following?
A. a debit to Retained Earnings
B. a debit to Dividends
C. a credit to Common Stock
D. a credit to Cash
16. On October 1, Snyder Company made a $50,000 sale giving the customer terms of 3/10/net 30. The receivable was collected from the customer on Oct. 8. Considering the collection of cash from the receivable, what effect will the transaction have on the company’s statements?
Assets = Liab. + Equity Rev. – Exp. = Net Inc Cash Flows
(1500) = NA + (1500) (1500) – NA = (1500) 48500 OA
(1500) = NA + (1500) (1500) – NA = (1500) NA
(1500) = NA + (1500) NA – (1500) = 500 1500 OA
(1500) = NA + 48500 48500 – NA = 48500 48500 OA
The closing entry for the Dividends account would involve which of the following?
No comments:
Post a Comment