Answer:
b) update the Retained Earnings account.
Step-by-step explanation:
A major purpose of preparing closing entries is to - update the Retained Earnings account.
Retained earnings are defined as those profits, that a company has earned to date minus any dividends or other money paid to investors.
Whenever we make an entry to the accounting records, that affects a revenue or expense account, this retained earning amount is adjusted.
Answer:
49.2 - 12.3 = 36.9
Step-by-step explanation:
Difference in Math terms means Subtract
Add all the sides together or multiply two sides.
