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

Accounts	Debit			Credit
Cash	$	11,200
Supplies		35,000
Prepaid Rent		26,000
Accounts Payable					$	2,200
Notes Payable						22,000
Common Stock						36,000
Retained Earnings						8,200
Dividends		3,200
Service Revenue						54,800
Salaries Expense		19,200
Advertising Expense		12,200
Rent Expense		9,200
Utilities Expense		7,200
Totals	$	123,200			$	123,200

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.)