1. On December 31, 2020 a company paid a dividend to the owner for $15,000, the journal entry would include a debit to:

a. Cash for $15,000

b. Expenses for $15,000

c. Accounts Payable for $15,000

d. Dividends for $15,000

2. Dividends paid to the owner are:

a. an expense on the income statement

b. an asset on the balance sheet

c. a reduction of retained earnings during the close process