On December 31, Jatti Landscape Inc. closes its books. During the year, Jatti Landscape had sales revenue of $500,000, cost of goods sold of $230,000, and wage expense of $70,000. How are the following accounts effected by the closing of the books? 1 Cost of Goods Sold 2 Wage Expense 1. Debited Retained Earnings 2. Credited Cash 3. No Change Sales Revenue On January 1, 2021, Jatt Star Co. issued common stock in exchange for $40,000 of cash. The liabilities of Jatt Star Co. are: Increased Decreased No Change