Question

Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31. Credit Debit $ 10,400 31,000 22,000 $ 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 1,400 14,000 32,000 7,400 2,400 55,600 18,400 11,400 8,400 6,400 $110,400 $110,400 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

Answer 1

0 closing Intres : 1. Sasvice Prvence NIC DY 55,600 10 Income Statemorit. Nic 551600 2. Income Statement AlC Do B.100 To Sarcoy Kipense filc 18,400 Income statement Alc Dr 11400 To Advertisement-Esperse AIC 11400 3 Hi Ancome Statement nic or 8400 To Rent Expense AIC 8400 Jorceme Satement Alc Dr 6400 ъ tilitics phic Gчоо 5. 6 Income Statement AlC Dr! 11.000 To Relaimed Earningstilc 111000 (3) Endárny Balomo of betained Cornings = 1.080 * 7400 na O U = 18,4001–

Post Closing Trial Balance Dec 5955, 2021 Particulars Cridit Debit 10400 12600 31000 14000 22000 Cash (bal. fog) Accounts Receivable Supplier Accounts Payable Prepaid Rent Notes Payable Common Stock Retained Earnings Dividents 14000 32000 18,400 2400 78,400 7814400