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which of the following is true of closing entries? a.retained earnings is not involved in the entry. b.retained earnings may be debited or credited. c.retained earnings is always credited. d.retained earnings is always debited.

Sagot :

retained earnings are always credited as true of closing entries.

closing entries

An accounting cycle is a multi-step process that records, summarise, and arranges your financial activities into financial statements. After the majority of the cycle has been finished and financial statements have been prepared, the final stage in the process is known as shutting your books. Making closing entries to move temporary account balances into the firm's permanent accounts is shutting your accounting books.

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