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23 May, 13:24

A company paid jen rogers, its sole stockholder, a total of $22,000 in dividends during the current year. the entry needed to close the dividends account is:

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  1. 23 May, 13:31
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    The journal entry to close the dividend account is shown below:

    Retained earnings A/c Dr $20,000

    To Dividend A/c $20,000

    (Being dividend account is closed)

    While closing the dividend account, we debited the retained earning account as retained earnings balance is got decreased and credited the dividend account
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