Exam MC Qu. 320 For the year ended December 31, a company... For the year ended

Question

Exam MC Qu. 320 For the year ended December 31, a company... For the year ended December 31, a company has revenues of year. The balance account? $325,000 and expenses of $200,000. The company paid $53,200 in dividends during the in the Retained earnings account before closing is $89,000. Which of the following entries would be used to close the dividends Multiple Choice Debit Retained earnings $53,200; credit Dividends $53,200. Debit Dividends $53,200, credit Retained earnings $53,200 Debit Income Summary $53,200; credit Retained earnings $53,200. Debit Retained earnings $89,000, credit Income Summary $89,000 Debit Income Summary $89,000, credit Dividends $89,000 Prev 7 of 50Next >

Explanation / Answer

Debit Retained earnings $53200; credit Dividends $53200 Option 1 is correct

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