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Determining the effects of closing entries on the Retained Earnings account Victor Insurance Agency started the year with a beginning Retained Earnings balance of $26000 During the year Victor earn

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?

Apr 21 2020 View more View Less

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