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2 TB MC Qu. 03-276 (Algo) Castillo Services paid K. Castillo... Castillo Services paid K. Castillo, the sole shareholder of Castillo Services. $6.900 in dividends
2 TB MC Qu. 03-276 (Algo) Castillo Services paid K. Castillo... Castillo Services paid K. Castillo, the sole shareholder of Castillo Services. $6.900 in dividends during the current year. The entry to close the dividends account at the end of the year is De Debit Dividends $6,900; credit Retained Earnings $6,900 Debit Dividends $6,900 credit Cash, $6.900 Debit Income Summary $6,900 credit Retained Earnings $6,900 Debit Retained Earnings $6,900; credit Dividends $6,900 Debit Retained Earnings $6.900: credit Salaries Expense $6.900
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