1 15 The Retained Earnings account: is increased by a credit and decreased by a debit. O tracks the owners' claim to assets that result from the operation of the business. O two of the answers are correct. tracks the non-owners' claim to assets that result from the operation of the business. O is increased by a debit and decreased by a credit. 2 19. The Retained Earnings amount needed for the Balance Sheet can be calculated as follows: O none of the answers are correct two of the answers are correct Retained Earnings at the beginning of the period, plus the sum of the revenue account balances, less the sum of the expense account balances Retained Earnings at the beginning of the period, less the sum of the revenue account balances, plus the sum of the expense account balances Retained Earnings at the beginning of the period, plus Net Income as shown on the Income Statement for the accounting period DER 3 198 The Retained Earnings account: O is an Asset account when it contains a debit balance none of the answers are correct is a Liability account when it contains a credit balance O is similar to the Common Stock account; in that the Retained Earnings account and the Common Stock account are both owners' claim to the assets accounts. is similar to Common Stock; in that the Retained Earnings account and the Common Stock account are both Liability accounts. 4 19 The Common Stock account: O is increased by a credit and decreased by a debit. two of the answers are correct. O is increased by a debit and decreased by a credit. O tracks the non-owners' claim to assets that result from the operation of the business. O tracks the owner's aim to assets that result from the operation of the business. 5 196 Debit entries into an expense account: O none of the answers are correct entries are not made to expense accounts since they are temporary accounts increase the account balance and will ultimately increase Retained Earnings decrease the account balance and will ultimately decrease Retained Earnings decrease the account balance and will ultimately increase Retained Earnings 198 As a result of the closing process, all General Ledger accounts will be reset to zero. O False O True No answer text provided. O No answer text provided. 7 19 On the Balance Sheet: Retained Earnings is shown in the Liabilities section. Retained Earnings is shown in the Equity section. Retained Earnings is shown in the Assets section. Reatined Earnings is not shown. O none of the answers are correct