After closing entries are prepared,the balance of Retained Earnings is updated to reflect the activity in the revenue,expense,and dividend accounts for the period.

Name: After closing entries are prepared,the balance of Retained Earnings is updated to reflect the activity in the revenue,expense,and dividend accounts for the period.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

This is true. The closing entries are used to update the Retained Earnings account and reflect the activity in the revenue, expense, and dividend accounts for the period.

After Closing Entries Are Prepared,the Balance of Retained Earnings Is