A company paid Jen Rogers, its sole stockholder, a total of $35,000 in dividends during the current year. The entry needed to close the dividends account is:Debit Dividends and credit Cash for $35,000
Debit Income Summary and credit Cash for $35,000.
Debit Retained earnings and credit Dividends for $35,000.
Debit Dividends and credit Retained earnings for $35,000.
Debit Income Summary and credit Dividends for $35,000.
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