The following pre-closing accounts and balances were drawn from the records of Carolina Company on December 31, Year 1: Cash$4800? Accounts Receivable$1800? Dividends 2400? Common Stock 2875? Land 2700? Revenue 2700? Accounts Payable 1400? Expense 1500? Retained earnings 6225? After closing, what is the balance of the Retained Earnings account on December 31, Year 1?
A. $3825.
B. $6225.
C. $7500.
D. $5025.
Answer: D
Business
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