Laker Incorporateds fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31.

Accounts	Debit				Credit
Cash	$	10,700
Supplies		32,500
Prepaid Rent		23,500
Accounts Payable					$	1,700
Notes Payable						17,000
Common Stock						33,500
Retained Earnings						7,700
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

Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31. 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.) Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31. 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.) Journal entry worksheet Record the entry to close the expense accounts. Note: Enter debits before credits. 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.) Journal entry worksheet Record the entry to close the dividends account. Note: Enter debits before credits. 2. Calculate the ending balance of Retained Earnings. 3. Prepare a post-closing trial balance