Business

Armani Larson

11 November, 13:28

A company paid Jen Rogers, its sole stockholder, a total of $35,000 in dividends during the current year. The entry needed to close the dividends account is:Debit Dividends and credit Cash for $35,000

Debit Income Summary and credit Cash for $35,000.

Debit Retained earnings and credit Dividends for $35,000.

Debit Dividends and credit Retained earnings for $35,000.

Debit Income Summary and credit Dividends for $35,000.

+4

Answers (1)

Know the Answer?

Not Sure About the Answer?

Find an answer to your question ✅ “A company paid Jen Rogers, its sole stockholder, a total of $35,000 in dividends during the current year. The entry needed to close the ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.

Search for Other Answers

You Might be Interested in

Orange seedlings were cheaper relative to other seedlings. is this a curved demand or supply demand

Which of the following are criteria for possible solutions? Select all that apply. Will the solution address the problem without adverse side effects? Are all group members in favor of the solution? Can the solution be implemented by the group?

You have been asked by the CEO of your company to manage a really important project. The CEO suggested five employees to be on your project team. You now think about the right organizational structure.

The extension from lean production to lean office is possible because:

Some people have referred to the hospitality industry as a "People" business. What is meant by this? Do you agree or disagree with this assessment? Why or why not?

New Questions in Business

When Crossett Corporation was organized in January 2018, it immediately issued 4,000 shares of $50 par, 6 percent, cumulative preferred stock and 50,000 shares of $20 par common stock.

If the market is in equilibrium, then an option must sell at a price that is exactly equal to the difference between the stock's current price and the option's strike price. a. True b. False

You are considering buying a share of stock in XYZ Corporation. At the end of years 1, 2, and 3 the stock will pay you a dividend of $15. In addition, at the end of the third year you expect to sell the share of stock for $100.

Who is responsible for reporting identity fraud? Choose one answer. a. The victim of fraud b. The police c. Any of the three credit reporting agencies d. The company that accepted a stolen credit card or false information

Your company just received dresses from a new dress designer from China to be sold at your business. These simple dresses can be wrapped on an individual in many ways to create a simple dress, as a top blouse only, or as an "After 5" dressier piece.