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18 March, 03:03

Canopy services paid k. Canopy, the sole shareholder of canopy services, $5,700 in dividends during the current year. The entry to close the dividends account at the end of the year is:

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  1. 18 March, 05:04
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    The entry to close the dividends account at the end of the year:

    It is given that Canopy services paid k. Canopy, the sole shareholder of canopy services, $5,700 in dividends during the current year. The entry to close the dividends account at the end of the year shall be as follows:

    Dec. 31, Year;

    Retained earnings Debit $5,700

    Dividends Credit $5,700

    (Being dividends closed to retained earnings)
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