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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
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Accounting concepts and applications
Authors: Albrecht Stice, Stice Swain
11th Edition
