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vekshin1
3 years ago
12

For the year ended December 31, a company has revenues of $332,000 and expenses of $203,500. The company paid $56,000 in dividen

ds during the year. The balance in the Retained earnings account before closing is $96,000. Which of the following entries would be used to close the dividends account?
A. Debit Income Summary $56,000 credit Retained earnings $56,000.
B. Debit Retained earnings $56.000; credit Dividends $56,000.
C. Debit Retained earnings 596,000: credit.
Business
1 answer:
Orlov [11]3 years ago
3 0
Oh my chocolate milkshake so many IT can color Pepsi turn around there’s a grand kick your out of a
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Increase

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3 years ago
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3 years ago
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Answer:

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The journal entry to record the collection of foreign receivables is provided

Account Titles and Explanation                         Debit     Credit

Cash                                                                      40,170

(3,900,000 * 0.0103)

Foreign reserve                                                                  39,000

(3,900,000 * 0.01)

Gain of fluctuation of foreign currency                              1,170

(3,900,000 * 0.0003)

Hence, the correct option is Credited Gain on fluctuation of foreign currency for $1,170

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2 years ago
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