Exercise 3-18 (Algo) Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) Laker Incorporated's...

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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. Cashi Supplies Prepaid Rent Accounts Debit Credit $11,600 37,000 28,000 Accounts Payable $2,600 Notes Payable. 26,000 Common Stock 38,000 Retained Earnings 8,600 Dividends 3,600 Service Revenue 54,400 Salaries Expense 19,600 Advertising Expense. 12,600 Rent Expense 9,600 Utilities Expense 7,600 Totals $129,600 $129,600 Required: 1. Prepare the necessary closing entries. 2. Calculate the ending balance of Retained Earnings. 3. Prepare a post-closing trial balance 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. Cashi Supplies Prepaid Rent Accounts Debit Credit $11,600 37,000 28,000 Accounts Payable $2,600 Notes Payable. 26,000 Common Stock 38,000 Retained Earnings 8,600 Dividends 3,600 Service Revenue 54,400 Salaries Expense 19,600 Advertising Expense. 12,600 Rent Expense 9,600 Utilities Expense 7,600 Totals $129,600 $129,600 Required: 1. Prepare the necessary closing entries. 2. Calculate the ending balance of Retained Earnings. 3. Prepare a post-closing trial balance