Question
F%252Flms.... Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31. Cash Supplies Accounts Debit $
F%252Flms.... Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31. Cash Supplies Accounts Debit $ 10,500 Credit Prepaid Rent 31,500 22,500 Accounts Payable Notes Payable Common Stock Retained Earnings $ 1,500 15,000 32,500 7,500 Dividends 2,500 Service Revenue 55,500 Salaries Expense 18,500 Advertising Expense 11,500 Rent Expense 8,500 Utilities Expense 6,500 Totals $112,000 $112,000 Check mu 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.) View transaction list View journal entry worksheet No 1 Date December 31, 2021 General Journal Debit Credit Service Revenue 55,500 to search December 31 Ces 2. Calculate the ending balance of Retained Earnings. Retained earning 3. Prepare a post-closing trial balance LAKER INCORPORATED Post-Closing Trial Balance December 31, 2021 Accounts Debit Credit TAKEN INGOUNGRATED Post Closing Tool Balance December 31, 2021 Accounts Debit Credit Totals $ 0 $ 0
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