Frosty Inc. has the following balances on December 31 prior to closing entries: Revenues Retained Earnings, Jan. 1 Cash Expenses Accounts Payable Dividends Supplies $38, 2ee 8,400 7,200 23,400 3,800 1,200 18,600 Based upon the balances above, what net adjustment would be made to Retained Earnings due to closing entries? Multiple Choice Increase of $13,600 Increase of $16,600 Based upon the balances above, what net adjustment would be made to Retained Earnings due to closing entries? Multiple Choice Increase of $13,600 Increase of $16,600 Increase of $14,600 Increase of $15,600