Use this end-of-period spreadsheet to answer the question that follow. Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Debit Debit Credit Cash Account Title Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Depreciation Expense Net income 48,000 18,000 6,000 57,000 3,000 Credit 18,000 25,000 6,000 30,000 3,000 155,000 63,000 27,000 15,000 237,000 237,000 The entry to close Dividends would be. O a. debit Common Stock, $3,000; credit Retained Earnings, $3,000 O b. debit Dividends, $3,000; credit Retained Earnings, $3,000 O c. debit Retained Earnings, $3,000; credit Common Stock, $3,000 O d. debit Retained Earnings, $3,000; credit Dividends, $3,000 63,000 27,000 15,000 105,000 50,000 155,000 155,000 - Balance Sheet Debit 48,000 18,000 6,000 57,000 3,000 155,000 132,000 Credit 18,000 25,000 6,000 30,000 3,000 82,000 50,000 155,000 132,000 132,000

Use this end-of-period spreadsheet to answer the question that follow. Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Debit Debit Credit Cash Account Title Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Depreciation Expense Net income 48,000 18,000 6,000 57,000 3,000 Credit 18,000 25,000 6,000 30,000 3,000 155,000 63,000 27,000 15,000 237,000 237,000 The entry to close Dividends would be. O a. debit Common Stock, $3,000; credit Retained Earnings, $3,000 O b. debit Dividends, $3,000; credit Retained Earnings, $3,000 O c. debit Retained Earnings, $3,000; credit Common Stock, $3,000 O d. debit Retained Earnings, $3,000; credit Dividends, $3,000 63,000 27,000 15,000 105,000 50,000 155,000 155,000 - Balance Sheet Debit 48,000 18,000 6,000 57,000 3,000 155,000 132,000 Credit 18,000 25,000 6,000 30,000 3,000 82,000 50,000 155,000 132,000 132,000

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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