Laker Incorporateds fiscal year-end is December 31, 2015. The following is an adjusted trial balance as of

Laker Incorporated’s fiscal year-end is December 31, 2015. The following is an adjusted trial balance as of December 31.

Required:
1. Prepare the necessary closing entries.
2. Calculate the ending balance of RetainedEarnings.

Transcribed Image Text:

Accounts Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Eamings Dividends Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense Debit Credit $12,000 39,000 30,000 S 3,000 30,000 40,000 9,000 4,000 54,000 20,000 13,000 10,000 8,000 $136000 $136000 Totals