Awn Services Paid a Dividend of $8,700 During the Current $\begin{array} { | c | r | r | } \hline \text { Dividends } & 8,700 & \\\hline \text { Cash } & & 8,700 \\\hline\end{array}$

Multiple Choice

Awn Services paid a dividend of $8,700 during the current year. The entry to close the dividend account at the end of the year is:

A) $\begin{array} { | c | r | r | } \hline \text { Dividends } & 8,700 & \\\hline \text { Cash } & & 8,700 \\\hline\end{array}$
B) $\begin{array} { | c | c | c | } \hline \text { Retained earnings } & 8,700 & \\\hline \text { Dividends } & & 8,700 \\\hline\end{array}$
C) $\begin{array} { | c | r | r | } \hline \text { Dividends } & 8,700 & \\\hline \text { Retained earnings } & & 8,700 \\\hline\end{array}$
D) $\begin{array} { | c | c | c | } \hline \text { Common Stock } & 8,700 & \\\hline \text { Dividends } & & 8,700 \\\hline\end{array}$
E) $\begin{array} { | c | r | r | } \hline \text { Income Summary } & 8,700 & \\\hline \text { Retained earnings } & & 8,700 \\\hline\end{array}$