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44) ABC has the following balances on December 31 prior to closing entries: Revenues $25,000 Retained Earnings, Jan. 1 20,000 Cash 3,000 Expenses 10,000 Accounts
44) ABC has the following balances on December 31 prior to closing entries:
Revenues
$25,000
Retained Earnings, Jan. 1
20,000
Cash
3,000
Expenses
10,000
Accounts Payable
4,000
Dividends
2,000
Supplies
17,000
Based upon the balances above, what net adjustment would be made to Retained Earnings due to closing entries? An Increase of
Revenues | $25,000 |
Retained Earnings, Jan. 1 | 20,000 |
Cash | 3,000 |
Expenses | 10,000 |
Accounts Payable | 4,000 |
Dividends | 2,000 |
Supplies | 17,000 |
Based upon the balances above, what net adjustment would be made to Retained Earnings due to closing entries? An Increase of
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