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Choose correct answer. Assume the beginning balance in the Retained Earnings account is zero. If a debit balance of $5,000 exists in Retained Earnings after
Choose correct answer.
Assume the beginning balance in the Retained Earnings account is zero. If a debit balance of $5,000 exists in Retained Earnings after closing out revenues and expenses at the end of the current period, it indicates: a decrease in cash of $5,000. that the company had net income of $5,000. the company had a net loss of $5,000. an increase in cash of $5,000Step by Step Solution
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