Szabo Inc. has the following general ledger account balances at December 31, 2019: Dividends 3,000 Selling expenses 21,000 Service revenue 38,500 Unearned revenue 2,900 Unused supplies 2100 Utilities expense 3,600 Wages expense 6,900 Assuming this is the first year of operations, what is the balance in the RetainedEarnings account after the closing process?
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Szabo Inc. has the following general ledger account balances at December 31, 2019:
Dividends | 3,000 |
Selling expenses | 21,000 |
Service revenue | 38,500 |
Unearned revenue | 2,900 |
Unused supplies | 2100 |
Utilities expense | 3,600 |
Wages expense | 6,900 |
Assuming this is the first year of operations, what is the balance in the Retained
Earnings account after the closing process?
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