Question: The journal entry required to close the dividends account includes a debit to Income Summary and a credit to Dividends. a debit to Retained Earnings

The journal entry required to close the dividends account includes

  1. a debit to Income Summary and a credit to Dividends.
  2. a debit to Retained Earnings and a credit to Dividends.
  3. a debit to Retained Earnings and a credit to Cash.
  4. None of these choices are correct.

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