Question
Castillo Services paid K. Castillo, the sole shareholder of Castillo Services, $6,800 in dividends during the current year. The entry to close the dividends account
Castillo Services paid K. Castillo, the sole shareholder of Castillo Services, $6,800 in dividends during the current year. The entry to close the dividends account at the end of the year is:
Multiple Choice
Debit Income Summary $6,800; credit Retained Earnings $6,800
Debit Dividends $6,800; credit Cash, $6,800
Debit Dividends $6,800; credit Retained Earnings $6,800
Debit Retained Earnings $6,800; credit Salaries Expense $6,800
Debit Retained Earnings $6,800; credit Dividends $6,800
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Cost Accounting A Managerial Emphasis
Authors: Srikant M. Datar, Madhav V. Rajan, Charles T. Horngren, Louis Beaubien, Chris Graham
7th Canadian Edition
133138445, 978-0133926330, 133926338, 978-0133138443
