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QS 3-23 (Algo) Analyzing closing entries on retained earnings LO P6 Ace Company reports revenues of $50,000 and expenses of $35,000. The company paid $9,000

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QS 3-23 (Algo) Analyzing closing entries on retained earnings LO P6 Ace Company reports revenues of $50,000 and expenses of $35,000. The company paid $9,000 cash in closing entries are recorded, determine the amount of the increase or decrease in the Retained Earnings

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