Question
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 $10,400
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 $10,400 Supplies 31,000 Prepaid Rent 22,000 Accounts Payable $1,400 Notes Payable 14,000 Common Stock 32,000 Retained Earnings 7,400 Dividends 2,400 Service Revenue 55,600 Salaries Expense 18,400 Advertising Expense 11,400 Rent Expense 8,400 Utilities Expense 6,400 Totals $110,400 $110,400 Required: 1. Prepare the necessary closing entries. 2. Calculate the ending balance of Retained Earnings. 3. Prepare a post-closing trial balance
Step by Step Solution
There are 3 Steps involved in it
Step: 1
To answer the requirements we need to follow these steps 1 Prepare the necessary closing entries Clo...Get Instant Access to Expert-Tailored Solutions
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Step: 2
Step: 3
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