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Problem - 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 $11,300
Supplies 35,500
Prepaid Rent 26,500
Accounts Payable $2,300
Notes Payable 23,000
Common Stock 36,500
Retained Earnings 8,300
Dividends 3,300
Service Revenue 54,700
Salaries Expense 19,300
Advertising Expense 12,300
Rent Expense 9,300
Utilities Expense 7,300
Totals $124,800 $124,800
Required -
1. Prepare the necessary closing entries.
2. Record the entry to close the revenue accounts.
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