Question: What effect will the following closing entry have on the retained earnings account? Credit Debit 22,000 Account Title Service Revenue Interest Expense Operating Expenses Retained

What effect will the following closing entry have on the retained

What effect will the following closing entry have on the retained earnings account? Credit Debit 22,000 Account Title Service Revenue Interest Expense Operating Expenses Retained Earnings 1,550 17,100 3,350 Multiple Choice Retained earings will remain unchanged. O Retained earings will decrease by $3,350. Retained earnings will increase by $3,350. Retained earings will be transferred to the Income statement

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