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Aljabal trading business prepared various accounts during the year 2019. It found that there is a debit balance of Dividends of RO 25,500 in its unadjusted trial balance. How would you record this in the form of Closing entry as a finance advisor of this business? a. Dividends RO 25,500 Dr / Retained earnings RO 25,500 Cr b. Income summary RO 25,500 Dr / Dividends RO 25,500 Cr c. Dividends RO 25,500 Dr / Income summary RO 25,500 Cr d. Retained earnings RO 25,500 Dr / Dividends RO 25,500 Cr

Aljabal trading business prepared various accounts during the year 2019. It found that there is a debit balance of Dividends of RO 25,500 in its unadjusted trial balance. How would you record this in the form of Closing entry as a finance advisor of this business? a. Dividends RO 25,500 Dr / Retained earnings RO 25,500 Cr b. Income summary RO 25,500 Dr / Dividends RO 25,500 Cr c. Dividends RO 25,500 Dr / Income summary RO 25,500 Cr d. Retained earnings RO 25,500 Dr / Dividends RO 25,500 Cr

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Aljabal trading business prepared various accounts during the year 2019. It found that there is a debit balance of Dividends of RO 25,500 in its unadjusted trial balance. How would you record this in the form of Closing entry as a finance advisor of this business?
a.
Dividends RO 25,500 Dr / Retained earnings RO 25,500 Cr
b.
Income summary RO 25,500 Dr / Dividends RO 25,500 Cr
c.
Dividends RO 25,500 Dr / Income summary RO 25,500 Cr
d.
Retained earnings RO 25,500 Dr / Dividends RO 25,500 Cr
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