A company paid Jen Rogers, its sole stockholder, a total of $21,000 in dividends during the current year. The entry needed to close the dividends account is:

Answer and Explanation:

The journal entry to required the closing of the dividend account is shown below:

Retained earnings$21,000

           To Dividends$21,000

(Being the closing of the dividend is recorded)

Here the retained earning is debited as it decreased the equity and the dividend is credited as it reduced the dividend

urban company reports the following information regarding its production cost: units produced 37,000 units direct labor $ 30 per unit direct materials $ 35 per unit variable overhead $ 237,000 in total fixed overhead $ 127,000 in total

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