3 Select the correct answer.
Edgar needs to close out $670 in the dividends account at the end of the year. What closing entry will he use?
A.
Income summary (debit) 670; Dividends (credit) 670
OB
Retained earnings (debit) 670; Dividends (credit) 750
Dividends (debit) 670; Income summary (credit) 750
Ο Ο Ο
Revenue (debit) 670; Dividends (credit) 670
E.
Cash (debit) 670; Dividends (credit) 670
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On january 8, the end of the first weekly pay period of the year, regis company's payroll register showed that its employees earned $22,760 of office salaries and $70,840 of sales salaries. withholdings from the employees' salaries include fica social security taxes at the rate of 6.20%, fica medicare taxes at the rate of 1.45%, $13,260 of federal income taxes, $1,450 of medical insurance deductions, and $860 of union dues. no employee earned more than $7,000 in this first pay period. required: 1.1 calculate below the amounts for each of these four taxes of regis company. regis’s merit rating reduces its state unemployment tax rate to 3% of the first $7,000 paid to each employee. the federal unemployment tax rate is 0.60