To close Dividends, the entry would be to:
A) debit Dividends and credit Retained Earnings.
B) debit net income and credit Retained Earnings.
C) debit Retained Earnings and credit Dividends.
D) debit Cash and credit Dividends.
Correct Answer:
Verified
Q133: Liabilities are classified as current or long-term.
Q134: The following accounts are listed in order
Q136: The Dividends account is closed by an
Q140: The closing entries set the following accounts
Q141: The quick ratio measures a company's ability
Q142: Current assets are $40,000 and long-term assets
Q146: To close the books of a company,
Q164: Kincaid Company's Retained Earnings balance on January
Q170: Accounts that relate to a limited period
Q180: Closing entries transfer net income or loss
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents