Question
Frosty Inc. has the following balances on December 31 prior toclosing entries: Revenues $41,000 Retained Earnings, Jan.1 9,100 Cash 7,700 Expenses 23,900 Accounts Payable 2,300
Frosty Inc. has the following balances on December 31 prior toclosing entries:
| Revenues | $41,000 |
| Retained Earnings, Jan.1 | 9,100 |
| Cash | 7,700 |
| Expenses | 23,900 |
| Accounts Payable | 2,300 |
| Dividends | 2,500 |
| Supplies | 18,300 |
Based upon the balances above, what would be the effect onretained earnings due to closing entries? |
Increase of $15,600
Increase of $14,600
Increase of $17,600
Increase of $16,600
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net profitincome expenses dividend income41000 total expenses23900...
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Fundamental Accounting Principles Volume II
Authors: Larson Kermit, Jensen Tilly
14th Canadian Edition
71051570, 0-07-105150-3, 978-0071051576, 978-0-07-10515, 978-1259066511
