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For the year ended December 31, a company has revenues of $319,000 and expenses of...

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Accounting

For the year ended December 31, a company has revenues of $319,000 and expenses of $197,000. The company paid $50,800 in
dividends during the year. The balance in the Retained earnings account before closing is $83,000. Which of the following entries
would be used to close the dividends account?
Multiple Choice
Debit Retained Earnings $83,000; credit Income Summary $83,000.
Debit Income Summary $50,800; credit Retained Earnings $50,800.
Debit Dividends $50,800; credit Retained Earnings $50,800.
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