The closing entry for dividends does not include a debit to income summary because
a) Dividends has a normal credit balance
b) Dividends are not a revenue or expense account and not part of net income
c) Dividends is a permanent account
d) Dividends are not part of the closing entries
Frequently Asked Questions
What scientific concept do you need to know in order to solve this problem?
Our tutors have indicated that to solve this problem you will need to apply the Closing Entries concept. You can view video lessons to learn Closing Entries. Or if you need more Closing Entries practice, you can also practice Closing Entries practice problems.
What is the difficulty of this problem?
Our tutors rated the difficulty ofThe closing entry for dividends does not include a debit to ...as medium difficulty.