What effect will the following closing entry have on the retained earnings account? Service Revenue22,800? Interest Expense 1750?Operating Expenses 17,500?Retained Earnings 3550?
A. Retained earnings will remain unchanged.
B. Retained earnings will decrease by $3550.
C. Retained earnings will be transferred to the income statement.
D. Retained earnings will increase by $3550.
Answer: D
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