The company paid $35,000 cash in dividends to the owner, Jen Rogers. The entry needed to close the dividends account is:
A) Debit Income Summary and credit Cash for $35,000.
B) Debit Dividends and credit Cash for $35,000.
C) Debit Income Summary and credit Dividends for $35,000.
D) Debit Retained Earnings and credit Dividends for $35,000.
E) Debit Dividends and credit Retained Earnings for $35,000.
Correct Answer:
Verified
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