[GNC] retained earnings between two different financial periods

[David Cousens]

mc,

The balance of Retained Earnings is a balance , i.e. the value of the sum of
all the credits minus the sum of all the debits to it up to a specific date
from whenever recording to the account started. When you close the income
and expense accounts to retained earnings you credit (add) the difference
between their sums (the value of retained earnings for the accounting
period) to the previous Retained Earnings account balance to get a new
total.

David Cousens



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David Cousens
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