For the year ended December 31, a company has revenues of $320,000 and expenses of $197 500 The company paid $51,200 in dividends during the year The balance in the Retained earnings account before closing Is $84,000 Which of the following entries would be used to close the dividends account Multiple Choice Debit Retained earnings $51,200 credit Diviciends $51,200 Debit Income Summary $84,000, credit Dividends $14,000 Debit Retained earnings $84,000 credit Income Summary $84 000 O Debit Income Summary $51,200 credit Retained carrings $51,200 O Debit Dividends $51 200, credit Retained earnings $51,200

Question

For the year ended December 31, a company has revenues of $320,000 and expenses of $197 500  The company paid $51,200 in dividends during the year  The balance in the Retained earnings account before closing Is $84,000  Which of the following entries would be used to close the dividends account  Multiple Choice Debit Retained earnings $51,200 credit Diviciends $51,200  Debit Income Summary $84,000, credit Dividends $14,000  Debit Retained earnings $84,000  credit Income Summary $84 000  O Debit Income Summary $51,200  credit Retained carrings $51,200  O Debit Dividends $51 200, credit Retained earnings $51,200

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For the year ended December 31, a company has revenues of $320,000 and expenses of $197.500. The company paid $51,200 in dividends during the year.

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