Exercise 3-18 (Algo) Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) Laker Incorporated's fiscal year-end is December 31, 2024. The following is an adjusted trial balance as of December 31. Accounts Debit Credit Cash Supplies $10,800 33,000 Prepaid Rent 24,000 Accounts Payable $1,800 Notes Payable 18,000 Common Stock 34,000 Retained Earnings 7,800 Dividends 2,800 Service Revenue 55,200 Salaries Expense 18,800 Advertising Expense 11,800 Rent Expense 8,800 Utilities Expense 6,800 Totals $116,800 $116,800 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. No 1 2 3 Date December 31, 202 Service Revenue Retained Earnings December 31, 202 Retained Earnings Advertising Expense Salaries Expense Rent Expense Utilities Expense December 31, 202 Retained Earnings Dividends General Journal Debit 55,000 Credit 55,000 55,200 11,800 18,800 8,800 6,800 2,800 2,800 Calculate the ending balance of Retained Earnings. Retained earnings $ 116,800