Question: What effect will the following closing entry have on the retained earnings account? Service Revenue 22,800 Interest Expense 1750 Operating Expenses 17,500 Retained Earnings 3550

What effect will the following closing entry have on the retained earnings account?

Service Revenue 22,800
Interest Expense 1750
Operating Expenses 17,500
Retained Earnings 3550

Select one:

a. Retained earnings will remain unchanged.

b. Retained earnings will be transferred to the income statement.

c. Retained earnings will increase by $3550.

d. Retained earnings will decrease by $3550.

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