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Use the Work Sheet for Finley Company to Answer the Questions

Question 29

Multiple Choice

Use the work sheet for Finley Company to answer the questions that follow. Use the work sheet for Finley Company to answer the questions that follow. The entry to close Dividends would be A) debit Retained Earnings, $3,000; credit Dividends, $3,000 B) debit Retained Earnings, $12,000; credit Dividends, $12,000 C) debit Dividends, $3,000; credit Retained Earnings, $3,000 D) debit Dividends, $12,000; credit Retained Earnings, $12,000
The entry to close Dividends would be


A) debit Retained Earnings, $3,000; credit Dividends, $3,000
B) debit Retained Earnings, $12,000; credit Dividends, $12,000
C) debit Dividends, $3,000; credit Retained Earnings, $3,000
D) debit Dividends, $12,000; credit Retained Earnings, $12,000

Correct Answer:

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