Castillo Services paid K. Castillo, the sole shareholder of Castillo Services, $6800 in dividends during the current year. The entry to close the dividends account at the end of the year is:
A. Debit Dividends $6800; credit Cash, $6800
B. Debit Dividends $6800; credit Retained earnings $6800
C. Debit Retained earnings $6800; credit Dividends $6800
D. Debit Income Summary $6800; credit Retained earnings $6800
E. Debit Retained earnings $6800; credit Salary Expense $6800
Answer: C
You might also like to view...
You want to buy a car on credit for $45,000 at a rate of 5% for 3 years.
a) Create an amortization table of the car loan that shows the portion of interest and principal of each payment. What is the total amount of interest that you will have paid at the end of the loan term? b) Create a Stacked Column chart that shows both interest and principal on each column. c) Calculate the monthly payment assuming that you were able to trade in your old vehicle for $5,000.
Research of _____ confirms that information presented early in a sequence affects judgments made later.
A. hindsight bias B. order-effects C. belief updating D. stereotype
Which of the following is an accurate statement regarding the sales presentation?
A) It is best to communicate all you know about the product. B) The location of the sales presentation is an irrelevant factor. C) Each product feature is of equal importance to every customer. D) Appealing to the prospect's senses makes the sales presentation more powerful. E) A sales presentation that does not use technology is not likely to be successful.
Allowing customers to obtain information via Internet-based inquiries helped organizations to scale up their call center operations
Indicate whether the statement is true or false