Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31 Cash Accounts Debit $ 10,500 Credit Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Earnings 31,500 22,500 $ 1,500 15,000 32,500 7,500 Dividends 2,500 Service Revenue, 55,500 Salaries Expense 18,500 Advertising Expense 11,500 Rent Expense 8,500. Utilities Expense 6,500 Totals $112,000 $112,000 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.) Answer is not complete. 32,500 Retained Earnings Dividends 7,500 2,500 Service Revenue 55,500 Salaries Expense 18,500. Advertising Expense 11,500 Rent Expense 8,500 Utilities Expense Totals 6,500 $112,000 $112,000 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.) Answer is not complete. No Dato General Journal Debit Credit 1 December 31, 202 Service Revenue 55,300 Retained Earnings 55,300 Prepaid Rent 50,000