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The entry to close Dividends would be a. debit Retained Earnings, $2,500, credit Dividends, $2,500 b. debit Dividends, $2,500; credit Retained Earnings, $2,500 C. debit Common Stock. $2.500: credit Retained Earnings. $2.500

The entry to close Dividends would be a. debit Retained Earnings, $2,500, credit Dividends, $2,500 b. debit Dividends, $2,500; credit Retained Earnings, $2,500 C. debit Common Stock. $2.500: credit Retained Earnings. $2.500

FINANCIAL ACCOUNTING
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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For the Year Ended December 31 Balance Sheet Income Statement Adjusted Trial Balance Credit Debit Credit Credit Debit Debit Account Title Cash Accourlts Receivable 000'9 000'9 000'r 84,106 000 84,106 Supplies Equipment Accumulated Depr. 000'9 Accounts Payable 000'0 Wages Payable 000 000' Common Stock 000's Retained Earnings 000 Dividends 2,500 2,500 Fees Earned 53,475 53,475 Wages Expense 15,758 15,758 Rent Expense 6,414 6,414 Depreciation Expense 5,697 Totals 138,475 138,475 27,869 53,475 110,606 000s Net Income (Loss) 909 110,606 9090 53,475 53,475 110,606 The entry to close Dividends would be a. debit Retained Earnings, $2,500, credit Dividends, $2,500 b. debit Dividends, $2,500; credit Retained Earnings, $2,500 C. debit Common Stock. $2.500: credit Retained Earnings, $2.500 MacBook Rro Used Car BU" Ford Blue Search Your Local Dea Advantage Ar
Transcribed Image Text:For the Year Ended December 31 Balance Sheet Income Statement Adjusted Trial Balance Credit Debit Credit Credit Debit Debit Account Title Cash Accourlts Receivable 000'9 000'9 000'r 84,106 000 84,106 Supplies Equipment Accumulated Depr. 000'9 Accounts Payable 000'0 Wages Payable 000 000' Common Stock 000's Retained Earnings 000 Dividends 2,500 2,500 Fees Earned 53,475 53,475 Wages Expense 15,758 15,758 Rent Expense 6,414 6,414 Depreciation Expense 5,697 Totals 138,475 138,475 27,869 53,475 110,606 000s Net Income (Loss) 909 110,606 9090 53,475 53,475 110,606 The entry to close Dividends would be a. debit Retained Earnings, $2,500, credit Dividends, $2,500 b. debit Dividends, $2,500; credit Retained Earnings, $2,500 C. debit Common Stock. $2.500: credit Retained Earnings, $2.500 MacBook Rro Used Car BU" Ford Blue Search Your Local Dea Advantage Ar
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