Homework Answers
Answer
- Dividend account has DEBIT balance which is closed by CREDITING them in closing entry.
- Dividend account is closed to retained earnings account.
|
No |
Date |
General Journal |
Debit |
Credit |
|
3 |
Jun-30 |
Retained Earnings |
$42,560 |
|
|
Dividends |
$42,560 |
|||
|
(Dividend account closed) |
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