Exercise 3-18 (Algo) Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) 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 Supplies $11,400 36,000 Prepaid Rent 27,000 Accounts Payable $2,400 Notes Payable 24,000 Common Stock 37,000 Retained Earnings 8,400 Dividends 3,400 Service Revenue 54,600 Salaries Expense 19,400 Advertising Expense 12,400 Rent Expense 9,400 Utilities Expense 7,400 Totals $126,400 $126,400 Required: 1. Prepare the necessary closing entries. 2. Calculate the ending balance of Retained Earnings. 3. Prepare a post-closing trial balance Journal entry worksheet < 1 2 3 Record the entry to close the revenue accounts. Note: Enter debits before credits. Date December 31, 2024 General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required 2 Required 3 Calculate the ending balance of Retained Earning Retained earnings LAKER INCORPORATED Post-Closing Trial Balance December 31, 2024 Accounts Totals Debit Credit 59 $ 0 $ 0