Homework Answers
| No. | Date | Account titles and explantion | Debit | Credit | |
| 1 | 31-Dec-21 | Service revenue | $55,000 | ||
| Income summary | $55,000 | ||||
| (being revenue transferred to Income summary) | |||||
| 2 | 31-Dec-21 | Income summary | $50,600 | ||
| Salaries expense | $19,900 | ||||
| Advertising expense | $12,900 | ||||
| Rent expense | $9,900 | ||||
| Utilities expense | $7,900 | ||||
| (expenses transferred to income summary) | |||||
| 3 | 31-Dec-21 | Income summary | $4,400 | ||
| Retained Earnings | $4,400 | ||||
| (Closing income summary) | |||||
| 4 | 31-Dec-21 | Retained earnings | $3,900 | ||
| Dividend | $3,900 | ||||
| (Dividend paid closed) | |||||
| Post Closing trial balance | Debit | Credit | |||
| Cash | $12,800 | ||||
| Supplies | $38,500 | ||||
| Prepaid rent | $29,500 | ||||
| Account payables | $2,900 | ||||
| Note payable | $29,000 | ||||
| Common stock | $39,500 | ||||
| Retained Earnings | $9,400 | (8900+4400-3900) | |||
| $80,800 | $80,800 |
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* Answer is not complete. Credit LAKER INCORPORATED Post-Closing Trial Balance December 31, 2021 Accounts Debit...
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Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31. Credit Debit $ 11,000 34,000 25,000 $ Accounts Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense Totals 2,000 20,000 35,000 8,000 3,000 55,000 19,000 12,000 9,000 7,000 $120,000 $120,000 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select...
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