Prior to closing entries, Ellie's Bakery has a $240,000 credit balance in the Retained Earnings...
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Accounting
Prior to closing entries, Ellie's Bakery has a $240,000 credit balance in the Retained Earnings t-account and $10,000 debit balance in the Dividends t-account. Ellie's reported net income of $30,000 during the period. What is the credit balance in Ellie's Retained Earnings t-account after closing entries?
A. $220,000 B. $280,000 C. $260,000 D. $240,000
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