Which one of the following transactions will ultimately cause a decrease in Retained Earnings? A. Receipt...
Which one of the following transactions will ultimately cause a decrease in Retained Earnings?
A. Receipt of interest on a note receivable.
B. Payment of the current month's telephone bill.
C. Payment of the prior month’s Account Payable balance.
D. Collection of cash from a customer for services provided in the current month.
Homework Answers
Correct answer---------------B. Payment of the current month's telephone bill.
.
Payment of telephone bill will increase the net income and also the retained earnings since net income is added to retained earnings.
Receipt of interest will not decrease retained earnings rather it will increase retained earnings.
Transaction C will have no effect on retained earnings.
Cash collection from customer will also increase retained earnings.
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