Laker Incorporated$$s fiscal year$-$end is December $31,2024.$ The following is an adjusted trial balance as of December $31.$

Accounts Debit Credit

Cash $$10,600$

Supplies $32,000$

Prepaid Rent $23,000$

Accounts Payable $$1,600$

Notes Payable $16,000$

Common Stock $33,000$

Retained Earnings $7,600$

Dividends $2,600$

Service Revenue $55,400$

Salaries Expense $18,600$

Advertising Expense $11,600$

Rent Expense $8,600$

Utilities Expense $6,600$

Totals $$113,600$ $$113,600$

Required:

$1.$ Prepare the necessary closing entries.

$2.$ Calculate the ending balance of Retained Earnings.

$3.$ Prepare a post$-$closing trial balance

Answer rating: 100% (QA)

To address the requirements lets go through the steps 1 Prepare the necessary closing entrie... View the full answer