Use the work sheet for Finley Company to answer the questions that follow. The entry to close Dividends would be
A) debit Retained Earnings, $3,000; credit Dividends, $3,000
B) debit Retained Earnings, $12,000; credit Dividends, $12,000
C) debit Dividends, $3,000; credit Retained Earnings, $3,000
D) debit Dividends, $12,000; credit Retained Earnings, $12,000

Question

Use the work sheet for Finley Company to answer the questions that follow.  The entry to close Dividends would be
A) debit Retained Earnings, $3,000; credit Dividends, $3,000 
B) debit Retained Earnings, $12,000; credit Dividends, $12,000 
C) debit Dividends, $3,000; credit Retained Earnings, $3,000 
D) debit Dividends, $12,000; credit Retained Earnings, $12,000

Quizplus · Accepted Answer

The Answer of Use the work sheet for Finley Company to answer the questions that follow.  The entry to close Dividends would be
A) debit Retained Earnings, $3,000; credit Dividends, $3,000 
B) debit Retained Earnings, $12,000; credit Dividends, $12,000 
C) debit Dividends, $3,000; credit Retained Earnings, $3,000 
D) debit Dividends, $12,000; credit Retained Earnings, $12,000

Use the Work Sheet for Finley Company to Answer the Questions