Multiple Choice
McVeigh Corp.owns 40% of Gondor Company's common stock.McVeigh received $41,200 in cash dividends from Gondor.The entry to record this transaction should include a:
A) Debit to Dividends for $103,000.
B) Credit to Long-Term Investments for $41,200.
C) Debit to Dividend Revenue for $41,200.
D) Credit to Long-Term Investments for $103,000.
E) Credit to Cash for $41,200.
Correct Answer:
Verified
Correct Answer:
Verified
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