The Company Paid $35,000 Cash in Dividends to the Owner

Multiple Choice

The company paid $35,000 cash in dividends to the owner, Jen Rogers. The entry needed to close the dividends account is:

A) Debit Income Summary and credit Cash for $35,000.
B) Debit Dividends and credit Cash for $35,000.
C) Debit Income Summary and credit Dividends for $35,000.
D) Debit Retained Earnings and credit Dividends for $35,000.
E) Debit Dividends and credit Retained Earnings for $35,000.