Question
Exercise 3-18A Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) Laker Incorporateds fiscal year-end is December 31, 2021. The following is an
Exercise 3-18A Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7)
Laker Incorporateds fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31.
| Accounts | Debit | Credit | ||||||||
| Cash | $ | 12,000 | ||||||||
| Supplies | 39,000 | |||||||||
| Prepaid Rent | 30,000 | |||||||||
| Accounts Payable | $ | 3,000 | ||||||||
| Notes Payable | 30,000 | |||||||||
| Common Stock | 40,000 | |||||||||
| Retained Earnings | 9,000 | |||||||||
| Dividends | 4,000 | |||||||||
| Service Revenue | 54,000 | |||||||||
| Salaries Expense | 20,000 | |||||||||
| Advertising Expense | 13,000 | |||||||||
| Rent Expense | 10,000 | |||||||||
| Utilities Expense | 8,000 | |||||||||
| Totals | $ | 136,000 | $ | 136,000 | ||||||
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.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Financial and Managerial Accounting the basis for business decisions
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
16th edition
0077664078, 978-0077664077, 78111048, 978-0078111044
