False
During the closing process, dividends account is closed to retained earnings account.
Debit : Retained Earnings account
Credit : Dividends account
True or False: During the closing process, retained earnings is closed to the dividends account.
during the closing process retained earnings is closed to the dividends account true or false
The balance in the Dividends account is closed to the Retained Earnings account by debiting the Retained Earnings account and crediting the Dividends account. True False
Which type of account is always debited during the closing process? O Retained earnings O Dividends O Expense O Revenue Click if you would like to Show Work for this question: Open Show Work
The dividends account should be: Multiple Choice Not closed at all. Closed to retained earnings. Closed only if there is a profit. Closed to income summary.
Understand closing entries. Net income is closed into Retained Earnings (after passing through income summary). Dividends are closed directly to Retained Earnings.
3) Retained earnings will be increased by the amount in the dividend account (2pts True False
Love Company's accounting records show an after closing balance of $20,800 in its Retained Earnings account on December 31 Year 2. During the Year 2 accounting cycle, Love earned $17.900 of revenue, incurred $10.600 of expense, and paid $2.900 of dividends Revenues and expenses were recognized evenly throughout the accounting period Required a. Determine the balance in the Retained Earnings account as of January 1 Year 3 b. Determine the balance in the temporary accounts as of January 1 Year...
Love Company’s accounting records show an after-closing balance of $20,100 in its Retained Earnings account on December 31, Year 2. During the Year 2 accounting cycle, Love earned $16,500 of revenue, incurred $9,900 of expense, and paid $2,200 of dividends. Revenues and expenses were recognized evenly throughout the accounting period. Required a. Determine the balance in the Retained Earnings account as of January 1, Year 3. b. Determine the balance in the temporary accounts as of January 1, Year 2....
Exercise 1-23A Retained earnings and the closing process LO 1-9 As of December 31, Year 1. Flowers Company had total assets of $170,000, total liabilities of $51,000, and common stock of $85,000. The company's Year 1 income statement contained revenue of $30,000 and expenses of $18,000. The Year 1 statement of changes in stockholders' equity stated that $2,700 of dividends were paid to investors. Required a. Determine the before-closing balance in the Retained Earnings account on December 31, Year 1....
The Retained earnings account has a credit balance of $37.000 before closing entries are made. Total revenues for the period are $55,200, total expe $39,800, and dividends are $9,000. What is the correct closing entry for the revenue accounts?