The entry to dose the expense accounts includes: a debit to Dividends and credit

Question

The entry to dose 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. The entry to close the Dividend account includes: a debit to Dividends and a credit to Common Stock. a debit to Dividends and a credit to Retained Earnings. a debit to Retained Earnings and a credit to Dividends. a debit to Common Stock and a credit to Dividends.

Explanation / Answer

34) entry to close expense account

a) adebit to dividend credit to respective expenses

35) entry to close dividend

c) a debit to retained earnings and credit to dividend

The sequence of the closing process is as follows:

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