Prepare the necessary closing entries

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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.

Reference no: EM132497116

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