Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31. Accounts Credit $ 10,300 Debit 30, 500 21,500 $ 1,300 13,000 31,500 7,300 Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense Totals 2,300 55,700 18,300 11,300 8,300 6,300 $108,800 $108,800 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.) 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 Record the entry to close the revenue accounts. Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2021 Record entry Clear entry View general Journal View transaction list Journal entry worksheet Record the entry to close the expense accounts. Note: Enter debits before credits. General Journal Debit Credit Date December 31 2021 Record entry Clear entry View general journal View transaction list Journal entry worksheet