Return to question Exercise 3-18B Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) A company's fiscal year-end is December 31, Year 1. The following is an adjusted trial balance as of December 31. Credit Debit $ 10,300 30,500 21,500 Accounts Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense Totals $ 1,300 13,000 31,500 7,300 2,300 55,700 18,300 11,300 8,300 6,300 $100,800 $ 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.) Answer is complete and correct. No Date Credit General Journal Debit nu Required" in the first account field.) Answer is complete and correct. No Date General Journal Debit Credit 1 December 31, Yea Service Revenue 35 55,700 Retained Earnings 55,700 N 44,200 December 31, Yea Retained Earnings Advertising Expense Rent Expense Utilities Expense Salaries Expense BO 11,300 8,300 6,300 18,300 3 December 31, Yea Retained Earnings Dividends 2,300 O 2,300 2. Calculate the ending balance of Retained Earnings. 2. Calculate the ending balance of Retained Earnings. Answer is complete but not entirely correct. Retained earnings $ 41,900 X 3. Prepare a post-closing trial balance Answer is complete but not entirely correct. Credit Post-Closing Trial Balance December 31, Year 1 Accounts Debit Cash $ 10,300 Supplies 30,500 Prepaid Rent 21,500 Accounts Payable Answer is complete but not entirely correct. Credit Post-Closing Trial Balance December 31, Year 1 Accounts Debit Cash $ 10,300 Supplies 30,500 Prepaid Rent 21,500 Accounts Payable Notes Payable Common Stock Retained Earnings $ 1,300 13,000 31,500 36,000 Totals $ 62,300 $ 81,800