On December 31, 2018, Ditka Inc. had Retained Earnings of $272,800 before its closing entries were prepared and posted. During 2018, the company had service revenue of $173,100 and interest revenue of $83,800. The company used supplies in the amount of $90,400, advertising expenses were $16,900, salaries and wages totaled $19,050, and income tax expense was calculated as $14,700. During the year, the company declared and paid dividends of $6,500.

A B Record the entry for closing dividend account. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Retained Earnings 6,500 Dividends 6,500