Solved: Determine the receipt of cash dividends, Accounting Basics

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Determine the receipt of cash dividends

Response to the following problem:

On October 21, Mayfair Co. received cash dividends of $0.15 per share from its investments in Carter Corp.'s common stock. Mayfair owned 1,200 shares of Carter Corp's stock on October 31. The investment is considered available for sale.

Prepare the investor's journal entry to record the receipt of the cash dividends.

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Accounting Basics: Determine the receipt of cash dividends

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Accounting Basics: Determine the receipt of cash dividends

Reference No:- TGS02080820

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