The Retained earnings account has a credit balance of $37,000 before closing entries are made. If total revenues for the period are $55,200, total expenses are $39,800, and dividends are $9,000, what is the ending balance in the Retained earnings account after all closing entries are made?
A. $52,400.
B. $37,000.
C. $43,400.
D. $28,000.
E. $35,400.
Answer: C
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Just as there is a time to talk, there is a time to stop talking and ______.
Fill in the blank(s) with the appropriate word(s).
The allowance for uncollectible accounts is necessary because
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