or the year ended December 31, a company has revenues of $332,000 and expenses of $203,500. The company paid $56,000 in dividends during ear. The balance in the Retained earnings account before closing is $96,000. Which of the following entries would be used to close the dividends ccount? Multiple Choice Debit Income Summary $96,000; credit Dividends $96,000. Debit Income Summary $56,000; credit Retained earnings $56,000. Debit Dividends $56,000; credit Retained earnings $56,000. Debit Retained earnings $96,000; credit Income Summary $96,000. Debit Retained earnings $56,000; credit Dividends $56,000. Prey 29 of 30 Next

or the year ended December 31, a company has revenues of $332,000 and expenses of $203,500. The company paid $56,000 in dividends during ear. The balance in the Retained earnings account before closing is $96,000. Which of the following entries would be used to close the dividends ccount? Multiple Choice Debit Income Summary $96,000; credit Dividends $96,000. Debit Income Summary $56,000; credit Retained earnings $56,000. Debit Dividends $56,000; credit Retained earnings $56,000. Debit Retained earnings $96,000; credit Income Summary $96,000. Debit Retained earnings $56,000; credit Dividends $56,000. Prey 29 of 30 Next

Name: For the year ended December 31, a company has revenues of $332,000 an
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Description: For the year ended December 31, a company has revenues of $332,000 and expenses of $203,500. The company paid $56,000 in dividends during theyear. The balance in the Retained earnings account before closing is $96,000. Which of the following entries

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter3: Accrual Accounting

Section: Chapter Questions

Problem 10MCQ: Reinhardt Company reported revenues of $122,000 and expenses of $83,000 on its 2019 income...

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