Business, 04.06.2021 03:00 monkeygaming274
For the year ended December 31, a company has revenues of $332,000 and expenses of $203,500. The company paid $56,000 in dividends during the year. The balance in the Retained earnings account before closing is $96,000. Which of the following entries would be used to close the dividends account?
A. Debit Income Summary $56,000 credit Retained earnings $56,000.
B. Debit Retained earnings $56.000; credit Dividends $56,000.
C. Debit Retained earnings 596,000: credit.
Answers: 1
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For the year ended December 31, a company has revenues of $332,000 and expenses of $203,500. The com...
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