18 ces Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance s of December 31. Accounts Debit $ 10,600 Credit Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock 32,000 23,000 $ 1,600 16,000 33,000 Retained Earnings 7,600 Dividends 2,600 Service Revenue 55,400 Salaries Expense 18,600 Advertising Expense 11,600 Rent Expense 8,600 Utilities Expense 6,600 Totals $113,600 $113,600 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)