Question: What effect will the following closing entry have on the retained earnings account? Service Revenue 20,600 Interest Expense Operating Expenses Retained Earnings 1,200 16,400 3,000

earnings account? Service Revenue 20,600 Interest Expense Operating Expenses Retained Earnings 1,200

What effect will the following closing entry have on the retained earnings account? Service Revenue 20,600 Interest Expense Operating Expenses Retained Earnings 1,200 16,400 3,000 Vargas Company purchased a computer for $4,800 on January 1, Year 1. The computer is estimated to have a 4-year useful life and a $1,400 salvage value. What adjusting entry would Vargas record on December 31, Year 1 to recognize expense related to use of the computer

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