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I need help with these qustion Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31.
I need help with these qustion
Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31. Accounts Credit Debit $ 10,700 Cash Supplies 32,500 Prepaid Rent 23,500 Accounts Payable $ 1,700 Notes Payable 17,000 Common Stock 33,500 7,700 Retained Earnings Dividends 2,700 Service Revenue 55,300 Salaries Expense. 18,700 Advertising Expense 11,700 Rent Expense 8,700 Utilities Expense 6,700 Totals $115,200 $115,200 5 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 Journal entry worksheet 1 2 3 Record the entry to close the revenue accounts. Note: Enter debits before credits. Date General Journal Credit December 31, 2021 Debit 2. Calculate the ending balance of Retained Earnings. Retained earnings 3. Prepare a post-closing trial balance LAKER INCORPORATED Post-Closing Trial Balance December 31, 2021 Accounts Debit Totals $ 0 $ Credit 0 Step by Step Solution
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