For the Year Ended December 31Balance SheetIncome StatementAdjusted Trial BalanceCreditDebitCreditCreditDebitDebitAccount TitleCashAccourlts Receivable000'9000'9000'r84,10600084,106SuppliesEquipmentAccumulated Depr.000'9Accounts Payable000'0Wages Payable000000'Common Stock000'sRetained Earnings000Dividends2,5002,500Fees Earned53,47553,475Wages Expense15,75815,758Rent Expense6,4146,414Depreciation Expense5,697Totals138,475138,47527,86953,475110,606000sNet Income (Loss)909110,606909053,47553,475110,606The entry to close Dividends would bea. debit Retained Earnings, $2,500, credit Dividends, $2,500b. debit Dividends, $2,500; credit Retained Earnings, $2,500C. debit Common Stock. $2.500: credit Retained Earnings, $2.500MacBook RroUsed Car BU"Ford BlueSearch Your Local DeaAdvantageAr

Journal entries refers to the official book of a company which is used to record the day to day…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

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
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