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What Effect Will the Following Closing Entry Have on the Retained

question 24

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What effect will the following closing entry have on the retained earnings account?
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 $2,550. C) Retained earnings will increase by $2,550. D) Retained earnings will be transferred to the income statement.

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