Multiple Choice
On July 1,Year 1,Village Bookstore,Inc.appropriated retained earnings in the amount of $36,000 for a future remodeling project in the basement of the bookstore.On June 30,Year 1,the balance of Retained Earnings was $82,800 and the Cash balance was $43,200.Which of the following answers shows the effect of the July 1 event on the elements of the financial statements?
A) Option A
B) Option B
C) Option C
D) Option D
Correct Answer:
Verified
Correct Answer:
Verified
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