Exercise 3-18 Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) Laker Incorporated's fiscal year-end is December 31, 2018. The following is an adjusted trial balance as of December 31 Accounts Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense Credit Debit 10,500 31,500 22,500 $ 1,500 15,000 32,500 2,500 55,500 18,500 11,500 8,500 6,500 Totals $112,000 112,000 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.) View transaction list Journal entry worksheet Record the entry to close the revenue accounts Note: Enter debits before credits General Journal Debit Credit Date December 31, 2018 Record entry Clear entry View general journal 2. Calculate the ending balance of Retained Eamings. 3. Prepare a post-closing trial balance LAKER INCORPORATED Post-Closing Trial Balance December 31, 2018 Accounts Debit Credit Totals