Determining the effects of closing entries on the retained, Accounting Basics

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Determining the effects of closing entries on the retained

Question: Determining the effects of closing entries on the Retained Earnings account Victor Insurance Agency started the year with a beginning Retained Earnings balance of $26,000. During the year, Victor earned $31,000 of Service Revenue and incurred $25,000 of various expenses. Dividends of $16,000 from the business were paid to stockholders. After the closing entries are recorded and posted, what will be the balance of Retained Earnings?

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Accounting Basics: Determining the effects of closing entries on the retained

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