For the Year Ended December 31,a Company Has Revenues of $317,000

Multiple Choice

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 Income Summary $50,000; credit Retained earnings $50,000.
B) Debit Retained earnings $50,000; credit Dividends $50,000.
C) Debit Retained earnings $81,000; credit Income Summary $81,000.
D) Debit Income Summary $81,000,credit Dividends $81,000.
E) Debit Dividends $50,000; credit Retained earnings $50,000.