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:

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