Dewey Cheatem and Howe has the following trial balance on December 31, 2022 before the closing process.

Account	Debit	Credit
Cash	16,000
Accounts Receivable	19,000
Inventory	13,000
Accounts Payable		5,000
Notes Payable		11,000
Contributed Capital		17,000
Retained Earnings		8,000
Service Revenue		14,000
Wages Expense	2,000
Utilities Expense	1,500
Interest Expense	2,500
Rent Expense	1,000
Total	55,000	55,000

After Dewey Cheatem and Howe performs the closing process, what will the balance of Retained Earnings be?

Answer rating: 100% (QA)

In the closing process temporary accounts such as Service Revenue Wages E... View the full answer