Question
The company paid $23,000 cash in dividends to the owner, Ken Powers. The entry needed to close the dividends account is: a. Debit Income Summary
The company paid $23,000 cash in dividends to the owner, Ken Powers. The entry needed to close the dividends account is:
a. Debit Income Summary and credit Cash for $23,000.
b. Debit Income Summary and credit Dividends for $23,000.
c. Debit Retained Earnings and credit Dividends for $23,000.
d. Debit Dividends and credit Retained Earnings for $23,000.
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International Accounting
Authors: Frederick D. Choi, Gary K. Meek
7th Edition
978-0136111474, 0136111475
