Boxta company distributed $20,000 as cash dividends. The closing entry to required for dividend account is: a. Account Title & Explanation Debit |Income Summary Dividends Credit $20,000 $20,000 b. Account Title & Explanation Debit Dividend Dividends Payable Credit $20,000 $20,000 c. Account Title & Explanation Debit Retained Earnings Credit $20,000

Boxta company distributed $20,000 as cash dividends. The closing entry to required for dividend account is: a. Account Title & Explanation Debit |Income Summary Dividends Credit $20,000 $20,000 b. Account Title & Explanation Debit Dividend Dividends Payable Credit $20,000 $20,000 c. Account Title & Explanation Debit Retained Earnings Credit $20,000

Name: Boxta company distributed $20,000 as cash dividends. The closing entr
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Description: Boxta company distributed $20,000 as cash dividends. The closing entry to required fordividend account is:a. Account Title & Explanation Debit|Income SummaryCredit$20,000Dividends$20,000b. Account Title & Explanation DebitDividendDividends PayableCr

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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