Multiple Choice
Which of the following statements is TRUE?
A) Appropriations of retained earnings require journal entries, but restrictions on retained earnings are usually reported in notes to the financial statements.
B) No journal entries are needed to appropriate or restrict retained earnings.
C) Both appropriations and restrictions of retained earnings require journal entries.
D) Restrictions on retained earnings must be journalized, but appropriations are usually reported in notes to the financial statements.
Correct Answer:
Verified
Correct Answer:
Verified
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