Question
If revenues exceed expenses for the accounting period, the retained earnings account: Will have a lower balance after closing. Will have a debit balance prior
If revenues exceed expenses for the accounting period, the retained earnings account:
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Will have a lower balance after closing.
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Will have a debit balance prior to closing.
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Will have a higher balance after to closing.
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All of these answer choices are incorrect.
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Contemporary Auditing Issues And Cases
Authors: Michael Chris Knapp
3rd Edition
0538891173, 9780538891172
