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28 Nov 2020
Choose the correct answer for the below:
The entry to close the expense accounts includes:
- a debit to Dividends and credits to the respective expense accounts.
- debits to the respective expense accounts and a credit to Retained Earnings.
- a debit to Retained Earnings and credits to the respective expense accounts.
- debits to the respective expense accounts and a credit to Dividends.
Choose the correct answer for the below:
The entry to close the expense accounts includes:
- a debit to Dividends and credits to the respective expense accounts.
- debits to the respective expense accounts and a credit to Retained Earnings.
- a debit to Retained Earnings and credits to the respective expense accounts.
- debits to the respective expense accounts and a credit to Dividends.
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