On December 26, 2014, Simmons declared dividends of $50,000, and the dividends were unpaid at year-end. Parling had not recorded the dividend receivable at December 31. A consolidated working paper entry is necessary to
A) enter $50,000 dividends receivable in the consolidated balance sheet.
B) enter $45,000 dividends receivable in the consolidated balance sheet.
C) reduce the dividends payable account by $45,000 in the consolidated balance sheet.
D) eliminate the dividend payable account from the consolidated balance sheet.

Answer rating: 100% (QA)

C Reduce the div... View the full answer