Which of the Following Journal Entries Would Have to Be

question 29

Multiple Choice

Which of the following journal entries would have to be made to record X's share of Y's dividends paid for 2018?

• A)
• \[\begin{array} { | l | l | l | }
• \hline & \text { Debit } & \text { Credit } \\
• \hline \text { Investment in } Y & \$ 7,200 & \\
• \hline \text { Dividend Income } & & \$ 7,200 \\
• \hline
• \end{array}\]
• B)
• \[\begin{array} { | l | l | l | }
• \hline & \text { Debit } & \text { Credit } \\
• \hline \text { Cash } & \$ 7,200 & \\
• \hline \text { Investment in } Y & & \$ 7,200 \\
• \hline
• \end{array}\]
• C)
• \[\begin{array} { | l | l | l | }
• \hline & \text { Debit } & \text { Credit } \\
• \hline \text { Cash } & \$ 7,200 & \\
• \hline \text { Dividend Income } & & \$ 7,200 \\
• \hline
• \end{array}\]
• D)No entry requireD.Share of dividends = $60,000 x 12% = $7,200.

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