During 2016, Nike Inc., reported net income of $3,760 million. The company declared dividends of $1,022 million.
The closing entry for dividends would include which of the following?
A) Credit Cash for $1,022 million
B) Credit Dividends for $1,022 million
C) Debit Net income for $1,022 million
D) Credit Retained earnings for $1,022 million
E) Debit Dividends for $1,022 million
Correct Answer:
Verified
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