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.
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