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A company paid Jen Rogers, its sole stockholder, a total of $21,000 in dividends during the current year. The entry needed to close the dividends account is:

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Answer and Explanation:

The journal entry to required the closing of the dividend account is shown below:

Retained earnings $21,000

           To Dividends $21,000

(Being the closing of the dividend is recorded)

Here the retained earning is debited as it decreased the equity and the dividend is credited as it reduced the dividend

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