Question: What effect will the following closing entry have on the retained earnings account? 19,4001 Service Revenue Interest Expense Operating Expenses Retained Earnings 900 15,800 2,700

earnings account? 19,4001 Service Revenue Interest Expense Operating Expenses Retained Earnings 900

What effect will the following closing entry have on the retained earnings account? 19,4001 Service Revenue Interest Expense Operating Expenses Retained Earnings 900 15,800 2,700 Retained earnings will remain unchanged. Retained earnings will decrease by $2,700. Retained earnings will increase by $2,700. Retained earnings will be transferred to the income statement

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