Question
On February 1, 2009, Despot declared cash dividends of $12 million to be paid in April of that year. On April 1, Despot paid the
On February 1, 2009, Despot declared cash dividends of $12 million to be paid in April of that year. On April 1, Despot paid the cash dividend. What effect did the April 1 transaction have on Despot's accounts?
a. Decreased assets and liabilities
b. No journal entry is needed
c. Decreased assets and shareholders' equity
d. Increased liabilities and decreased shareholders' equity
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Hospitality Industry Managerial Accounting
Authors: Raymond S. Schmidgall
8th Edition
0866124977, 9780866124973
