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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Broad Group

A wide or diverse collection of individuals, entities, or categories.

Individual

Pertaining to or characteristic of a single, particular person or thing.

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We-viewpoint

The we-viewpoint is a communication strategy that emphasizes inclusivity and team-oriented perspectives, often used to create a sense of unity and shared goals.