Before closing entries are prepared to close revenues,expenses,and dividends declared,the retained earnings balance in the adjusted trial balance is equal to:

Question

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The retained earnings balance in the adjusted trial balance reflects the balance at the beginning of the year because it has not yet been updated for the current year's revenues, expenses, and dividends declared. These updates occur through closing entries.

Before Closing Entries Are Prepared to Close Revenues,expenses,and Dividends Declared,the