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Dividend account should be credited 2) Answer To close the dividend account, Retained earnings account should be debited and dividend account should be credited. a debit to Income Summary for 1260 3) Answer a When there is net Income, to close the Income Summary Income Summary should be debited and Retained earnings should be credited. $36,900 4) Answer Retained Earnings on December 31,2018 Retained Earnings on January 1,2018 Add: Net Income Less Dividends $ 35,000 $ 2,400 (500) $ Retained Earnings on December 31,2018 $ 36,900
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