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12 October, 16:19

In order to close the dividends account,

A) the retained earnings account should be debited.

B) income summary account should be debited.

C) income summary account should be credited.

D) retained earnings account should be credited.

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Answers (1)
  1. 12 October, 16:46
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    The correct answer to the following question is option A) the retained earnings account should be debited.

    Explanation:

    Dividends can be said as the periodic payment that a company makes to the common shareholders. The dividend account of a company is a temporary account which a company closes to prepare ledger for the next financial period and also to track changes in dividend paid to the customers from one year to another. For closing the dividend account, the retained earnings account would be debited and dividend account would be credited by the amount of dividend.
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Home » Business » In order to close the dividends account, A) the retained earnings account should be debited. B) income summary account should be debited. C) income summary account should be credited. D) retained earnings account should be credited.
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