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16 September, 16:31

The company paid $35,000 cash in dividends to the owner, jen rogers. the entry needed to close the dividends account is:

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  1. 16 September, 16:50
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    The entry needed to close the dividend account is "Debit: Retained earnings $35,000 and credit: dividend expense $35,000" based on the journal transaction. The dividend is a portion of a company's earnings which be shared by the company to the investor as the return for their investment. This entry will decrease the retained earning balance.
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