Laker Incorporated's fiscal year-end is December 31, 2012. The following is an adjusted trial balance as of December 31.

Required:
Prepare the necessary closing entries?

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Debit Credit Accounts Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense $11,000 34,000 25,000 $ 2,000 20,000 35,000 8,000 3,000 55,000 19,000 12,000 9,000 7,000 $120,000 Totals $120,000