Frosty Inc. has the following balances on December 31 prior to closing entries:
Revenues...
Frosty Inc. has the following balances on December 31 prior to closing entries:
Revenues $41,000
Retained Earnings, Jan. 1 9,100
Cash 7,700
Expenses 23,900
Accounts Payable 2,300
Dividends 2,500
Supplies 18,300
Based upon the balances above, what would be the effect on retained earnings due to closing entries?
a. Increase of $15,600
b. Increase of $14,600
c .Increase of $17,600
d. Increase of $16,600
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