Laker Incorporateds fiscal year-end is December 31, 2018. The following is an adjusted trial balance...
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Accounting
Laker Incorporateds fiscal year-end is December 31, 2018. The following is an adjusted trial balance as of December 31.
| Accounts | Debit | Credit | |||
| Cash | $ | 11,100 | |||
| Supplies | 34,500 | ||||
| Prepaid Rent | 25,500 | ||||
| Accounts Payable | $ | 2,100 | |||
| Notes Payable | 21,000 | ||||
| Common Stock | 35,500 | ||||
| Retained Earnings | 8,100 | ||||
| Dividends | 3,100 | ||||
| Service Revenue | 54,900 | ||||
| Salaries Expense | 19,100 | ||||
| Advertising Expense | 12,100 | ||||
| Rent Expense | 9,100 | ||||
| Utilities Expense | 7,100 | ||||
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| Totals | $ | 121,600 | $ | 121,600 | |
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Required:
1. Prepare the necessary closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
2. Calculate the ending balance of Retained Earnings.
3. Prepare a post-closing trial balance
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