fiscal year-end is December 31, 2024. The following is an adjusted trial balance as of C Accounts Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense Totals Debit $10,500 31,500 22,500 2,500 18,500 11,500 8,500 6,500 $112,000 Credit Required: 1. Prepare the necessary closing entries. 2. Calculate the ending balance of Retained Earnings. 3. Prepare a post-closing trial balance $1,500 15,000 32,500 7,500 55,500 $112,000 Saved

Laker Incorporated's fiscal year-end is December 31, 2024. The following is an adjusted trial balance as of Required: 1. Prepare the necessary closing entrips. 2. Calculate the ending balance of Retained Earnings. 3. Prepare a post-closing trial balance