Use This End-Of-Period Spreadsheet to Answer the Questions That Follow

question 196

Multiple Choice

Use this end-of-period spreadsheet to answer the questions that follow.
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-The entry to close the dividends account would be

• A) debit Retained Earnings, $3,000; credit Dividends, $3,000
• B) debit Retained Earnings, $12,000; credit Dividends, $12,000
• C) debit Dividends, $3,000; credit Retained Earnings, $3,000
• D) debit Dividends, $12,000; credit Retained Earnings, $12,000

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Definitions:

Full-Line Discount

A retail strategy where a store offers a wide variety of products from different categories at discounted prices.

Category Killers

Specialty discount stores that are able to gain high market share within their chosen category.

Market Share

The portion of a market controlled by a particular company, product, or brand, often expressed as a percentage of total sales.

Leased Department

A section within a retail store that is rented to an outside party.