23 Skipped A company received dividends of $0.50 per share on 1,000 shares of common stock it holds. It is presumed that this equity investment has insignificant influence. The journal entry to record this dividend receipt would consist of a debit to Cash for $500 and credit to Dividend Revenue for $500. True or False True False

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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23
Skipped
A company received dividends of
$0.50 per share on 1,000 shares
of common stock it holds. It is
presumed that this equity
investment has insignificant
influence. The journal entry to
record this dividend receipt would
consist of a debit to Cash for
$500 and credit to Dividend
Revenue for $500.
True or False
True
False
Transcribed Image Text:23 Skipped A company received dividends of $0.50 per share on 1,000 shares of common stock it holds. It is presumed that this equity investment has insignificant influence. The journal entry to record this dividend receipt would consist of a debit to Cash for $500 and credit to Dividend Revenue for $500. True or False True False
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