Which of the following statements is true?
A) Appropriations of retained earnings require journal entries, but restrictions on retained earnings do not.
B) No journal entries are needed to either 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 do not need to be journalized.
Correct Answer:
Verified
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Q153: Revival Corporation's annual report is as follows.
Q155: Restrictions on retained earnings:
A)require adjusting journal entries.
B)are
Q157: Prior period adjustments:
A)always increase the beginning balance
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