Solved: The retained earnings account has a credit balance of 46000, Accounting Basics

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The retained earnings account has a credit balance of 46000

Problem

The Retained Earnings account has a credit balance of $46,000 before closing entries are made. Total revenues for the period are $64,200, total expenses are $44,300, and dividends are $12,600. What is the correct closing entry for the expense accounts?

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Accounting Basics: The retained earnings account has a credit balance of 46000

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