Debit $11,700 Credit 37,500 28,500 Laker Incorporated's fiscal year-end is December 31, 2024. The following is an adjusted trial balance as of December 31 Cash Supplies Prepaid Rent Accounts Accounts Payable Notes Payable $2,700 27,000 Common Stock 38,500 Retained Earnings 8,700 Dividends 3,700 Service Revenue 54,300 Salaries Expense 19,700 Advertising Expense 12,700 Rent Expense 2,700 Utilities Expense 7,700 Totals $131,200 $131,200 Required: 1. Prepare the necessary closing entries. 2. Calculate the ending balance of Retained Earnings 3. Prepare a post-closing trial balance Complete this question by entering your answers in the tabs below.