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Poundcake Company owns 10,000 shares (10% of total shares) of Joshua, Inc. Joshua declares and pays a cash dividend of $0.50 per share. Poundcake first records dividends when cash is received. Upon receipt of the cash dividend, what entry should Poundcake make? -elect one: O A. Cash OB. Dividends Receivable OC. Cash Dividend Income D. Cash Dividend Income Dividends Receivable Stock Investment-Joshua 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000

Poundcake Company owns 10,000 shares (10% of total shares) of Joshua, Inc. Joshua declares and pays a cash dividend of $0.50 per share. Poundcake first records dividends when cash is received. Upon receipt of the cash dividend, what entry should Poundcake make? -elect one: O A. Cash OB. Dividends Receivable OC. Cash Dividend Income D. Cash Dividend Income Dividends Receivable Stock Investment-Joshua 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Poundcake Company owns 10,000 shares (10% of total shares) of Joshua, Inc. Joshua declares and pays a cash dividend of $0.50 per share, Poundcake first records dividends when cash is received. Upon receipt of the cash dividend, what entry should Poundcake make? Select one: O A. Cash O B. Dividends Receivable O C. Cash Dividend Income O D. Cash Dividend Income Dividends Receivable Stock Investment-Joshua 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000
Transcribed Image Text:Poundcake Company owns 10,000 shares (10% of total shares) of Joshua, Inc. Joshua declares and pays a cash dividend of $0.50 per share, Poundcake first records dividends when cash is received. Upon receipt of the cash dividend, what entry should Poundcake make? Select one: O A. Cash O B. Dividends Receivable O C. Cash Dividend Income O D. Cash Dividend Income Dividends Receivable Stock Investment-Joshua 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000
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