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Question - Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31.
Accounts Debit Credit
Cash $10,900
Supplies 33,500
Prepaid Rent 24,500
Accounts Payable $1,900
Notes Payable 19,000
Common Stock 34,500
Retained Earnings 7,900
Dividends 2,900
Service Revenue 55,100
Salaries Expense 18,900
Advertising Expense 11,900
Rent Expense 8,900
Utilities Expense 6,900
Totals $118,400 $118,400
Required - Prepare the necessary closing entries.
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