Retained earnings is debited to transfer net income to the retained earnings account during the closing process.

Name: Retained earnings is debited to transfer net income to the retained earnings account during the closing process.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Retained earnings is credited, not debited, to transfer net income to the retained earnings account during the closing process. This increases the retained earnings balance to reflect the company's profit.

Retained Earnings Is Debited to Transfer Net Income to the Retained