For the year ended December 31, a company has revenues of $317,000 and expenses of $196,000. The company paid $50,000 in dividends during the year. The balance in the Retained earnings account before closing is $81,000. Which of the following entries would be used to close the dividends account?
A. Debit Dividends $50,000; credit Retained earnings $50,000.
B. Debit Income Summary $81,000, credit Dividends $81,000.
C. Debit Retained earnings $50,000; credit Dividends $50,000.
D. Debit Income Summary $50,000; credit Retained earnings $50,000.
E. Debit Retained earnings $81,000; credit Income Summary $81,000.
Answer: C
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