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2. In order to close the dividends account, the: a. Dividend account should be debited b....

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2. In order to close the dividends account, the: a. Dividend account should be debited b. Dividend account should be credited
2. In order to close the dividends account, the: a. Dividend account should be debited b. Dividend account should be credited c. Retained Earnings account should be credited d. Income Summary account should be debited 3. The income statement for the year 2018 of Fugazi Co. contains the following information: $6980 Revenues Expenses: Salaries and Wages Expense $3030 Rent Expense 1560 730 Advertising Expense 290 Supplies Expense 110 Insurance Expense 5720 Total expenses S 1260 Net income The entry to close Income Summary includes a. a debit to Income Summary for 1260 b. a credit to Income Summary for 1260 c. a debit to Retained Earnings for 1260 d. a debit tot Revenue for 6980 4. On January 1, 2018, Camera Obscura reported retained earnings of $35,000. The company earned $2.400 net income and paid $500 dividends during 2018. On December 31, 2018, the company will report Retained Earnings of a. $34,500 b. $36,900 c. $37,400 d. $37,900

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Dividend account should be credited 2) Answer To close the dividend account, Retained earnings account should be debited and

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