The trial balance showed Revenues of $25,000, Wage Expense of $7,000, and Rent Expense of $2,500,...

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The trial balance showed Revenues of $25,000, Wage Expense of $7,000, and Rent Expense of $2,500,...

The trial balance showed Revenues of $25,000, Wage Expense of $7,000, and Rent Expense of $2,500, and Dividends of $2,000. The entry to close the Dividends account would include:
a.   Debit to Income Summary for $2,000.
b.   Debit to Dividends for $2,000.
c.   Debit to Retained Earnings for $2,000.

d. Debit to Income Expenses for $2,000.

business accounting

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Answer 1

Answer #1

The entry would be

	Debit	Credit
Retained earnings	$2000
Dividends		$2000

Option C is the answer

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Answer 2

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