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Please, I need a correct answer and clear explanation. Thank you, The Retained Earnings account has a credit balance and credit entries are used to
Please, I need a correct answer and clear explanation. Thank you,
The Retained Earnings account has a credit balance and credit entries are used to record increases in this account. Why do expense accounts, which are transferred to Retained Earnings when they are closed, have debit balances? Why are debit entries used to record increases in these accounts?
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