Laker Incorporateds fiscal year-end is December 31, 2015. The following is an adjusted trial balance as of

Laker Incorporated’s fiscal year-end is December 31, 2015. The following is an adjusted trial balance as of December 31.

Required:
1. Prepare the necessary closing entries.
2. Calculate the ending balance of RetainedEarnings.

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Debit S9,700 25,200 Credit Accounts Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Eamings Dividends Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense 6.600 S6,700 9.700 23,800 16,500 4,200 36,300 21,900 8,500 4,200 12,700 93,000 Totals S93,000