Business, 17.02.2020 19:56 leobaut6145
For the year ended December 31, a company has revenues of $317,000 and expenses of $196,000. The company paid $50,000 in dividends during the year. The balance in the Retained earnings account before closing is $81,000. Which of the following entries would be used to close the dividends account?
a. Debit Retained earnings $53,200; credit Dividends $53,200.
b. Debit Dividends $53,200, credit Retained earnings $53,200.
c. Debit Income Summary $53,200; credit Retained earnings $53,200.
d. Debit Retained earnings $89,000, credit Income Summary $89,000
e. Debit Income Summary $89,000, credit Dividends $89,000
Answers: 2
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