Year end closing
On January 1, 2023 I ran a trial balance to determine if year-end 2022 income was closed to retained earnings. The trail balance indicated that 2022 was closed in the exact net income amount.
On March 1, 2023, I made a adjusting journal entry to reclassify the retained earnings account and another equity account. When I ran a new trial balance, the retained earnings account did not match the same amount that the January 1, 2023 trial balance indicated. There was a modest difference.
How can I determine why the retained earnings changed, and reason for the difference.
Thanks,
Chuck
