Canopy Services paid K.Canopy,the sole shareholder of Canopy Services,$5,700 in dividends during the current year.The entry to close the dividends account at the end of the year is:
A) Debit Dividends $5,700; credit Cash, $5,700
B) Debit Retained earnings $5,700; credit Dividends $5,700
C) Debit Dividends$5,700; credit Retained earnings $5,700
D) Debit Retained earnings $5,700, credit Salary Expense $5,700
E) Debit Income Summary $5,700; credit Retained earnings $5,700
Correct Answer:
Verified
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