A company paid Jen Rogers, its sole stockholder, a total of $26,000 in dividends during the current year. The entry needed to close the dividends account is:
A. Debit Dividends and credit Cash for $26,000
B. Debit Income Summary and credit Cash for $26,000.
C. Debit Dividends and credit Retained earnings for $26,000.
D. Debit Income Summary and credit Dividends for $26,000.
E. Debit Retained earnings and credit Dividends for $26,000.
Answer: E
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