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.)

2. Calculate the ending balance of Retained Earnings.

3. Prepare a post-closing trial balance.

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