Seminoles Corporation's fiscal year-end is December 31, 2021. The following is a partial adjusted trial balance...

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Seminoles Corporations fiscal year-end is December 31, 2021. The following is a partial adjusted trial balance as of Decembe

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Answer 1

Answer #1

To close the dividend account we would transfer the dividend amt to reatined earnings and for that following entry would be passed :-

SI No	Account Title & explanation	Amt Dr ($)	Amt Cr ($)
	Retained earning A/c Dr	2,500
	To Dividend A/c		2,500

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