Question

In: Accounting

A company paid Jen Rogers, its sole stockholder, a total of $25,000 in dividends during the...

A company paid Jen Rogers, its sole stockholder, a total of $25,000 in dividends during the current year. The entry needed to close the dividends account is:

Multiple Choice

  • Debit Dividends and credit Cash for $25,000

  • Debit Income Summary and credit Cash for $25,000.

  • Debit Retained earnings and credit Dividends for $25,000.

  • Debit Dividends and credit Retained earnings for $25,000.

  • Debit Income Summary and credit Dividends for $25,000.

Solutions

Expert Solution

C. Debit Retained earnings and credit Dividends for $25,000.

The entry needed to close the dividends account is:

General Journal Debit Credit
Retained earnings $25,000
Dividends $25,000

ekkarill92 answered 2 years ago
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