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22 August, 20:01

Pravis Corporation owns 30% of Kuster Corporation. Pravis Corporation received $9,000 in cash dividends from Kuster Corporation. The entry to record receipt of these dividends is

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  1. 22 August, 20:16
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    C. Debit Cash, $9,000; credit Long-Term Investments, $9,000.

    Explanation:

    Since Pravis is a part owner of Kuster, Kuster paying the 9000 cash dividends to Pravis would first be recorded as a debit cash of 9000. And then it would be recorded in the credit as a long term investment of 9000.
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