What Effect Will the Following Closing Entry Have on the Retained

question 164

Multiple Choice

What effect will the following closing entry have on the retained earnings account?

• A)Retained earnings will remain unchanged.
• B)Retained earnings will decrease by $3,550.
• C)Retained earnings will increase by $3,550.
• D)Retained earnings will be transferred to the income statement.

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Definitions:

Human Resource Model

A framework for managing the workforce of an organization, focusing on policies, systems, and practices for maximizing employee performance and satisfaction.

Chief Executive Officers

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Human Resource Departments

Divisions within organizations responsible for managing employee-related processes like hiring, training, benefits, and compliance.

Outplacement Services

Support and assistance provided by an employer to help former employees transition to new jobs following layoffs or job loss.