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 agoRelated Solutions
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Maria Young is the sole stockholder of Purl of Great Price Company (POGP Company), which produces...
Maria Young is the sole stockholder of Purl of Great Price
Company (POGP Company), which produces high-end knitted sweaters
and sweater vests for sale to retail outlets. The company started
in January of the current year, and employs three knitters (each of
whom work 40 hours per week) and one office manager/knitting
supervisor (this employee works 20 hours per week as office
manager, and 20 hours per week as knitting supervisor). All wages
are paid in cash at the end...
Maria Young is the sole stockholder of Purl of Great Price Company (POGP Company), which produces...
Maria Young is the sole stockholder of Purl of Great Price
Company (POGP Company), which produces high-end knitted sweaters
and sweater vests for sale to retail outlets. The company started
in January of the current year, and employs three knitters (each of
whom work 40 hours per week) and one office manager/knitting
supervisor (this employee works 20 hours per week as office
manager, and 20 hours per week as knitting supervisor). All wages
are paid in cash at the end...
Maria Young is the sole stockholder of Purl of Great Price Company (POGP Company), which produces...
Maria Young is the sole stockholder of Purl of Great Price
Company (POGP Company), which produces high-end knitted sweaters
and sweater vests for sale to retail outlets. The company started
in January of the current year, and employs three knitters (each of
whom work 40 hours per week) and one office manager/knitting
supervisor (this employee works 20 hours per week as office
manager, and 20 hours per week as knitting supervisor). All wages
are paid in cash at the end...
Maria Young is the sole stockholder of Purl of Great Price Company (POGP Company), which produces...
Maria Young is the sole stockholder of Purl of Great Price
Company (POGP Company), which produces high-end knitted sweaters
and sweater vests for sale to retail outlets. The company started
in January of the current year, and employs three knitters (each of
whom work 40 hours per week) and one office manager/knitting
supervisor (this employee works 20 hours per week as office
manager, and 20 hours per week as knitting supervisor). All wages
are paid in cash at the end...
Maria Young is the sole stockholder of Purl of Great Price Company (POGP Company), which produces...
Maria Young is the sole stockholder of Purl of Great Price
Company (POGP Company), which produces high-end knitted sweaters
and sweater vests for sale to retail outlets. The company started
in January of the current year, and employs three knitters (each of
whom work 40 hours per week) and one office manager/knitting
supervisor (this employee works 20 hours per week as office
manager, and 20 hours per week as knitting supervisor). All wages
are paid in cash at the end...
Maria Young is the sole stockholder of Purl of Great Price Company (POGP Company), which produces...
Maria Young is the sole stockholder of Purl of Great Price
Company (POGP Company), which produces high-end knitted sweaters
and sweater vests for sale to retail outlets. The company started
in January of the current year, and employs three knitters (each of
whom work 40 hours per week) and one office manager/knitting
supervisor (this employee works 20 hours per week as office
manager, and 20 hours per week as knitting supervisor). All wages
are paid in cash at the end...
Maria Young is the sole stockholder of Purl of Great Price Company (POGP Company), which produces...
Maria Young is the sole stockholder of Purl of Great Price
Company (POGP Company), which produces high-end knitted sweaters
and sweater vests for sale to retail outlets. The company started
in January of the current year, and employs three knitters (each of
whom work 40 hours per week) and one office manager/knitting
supervisor (this employee works 20 hours per week as office
manager, and 20 hours per week as knitting supervisor). All wages
are paid in cash at the end...
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