Please do not give image format Exercise 3-18 (Static) Record closing entries and prepare a post-closing trial balance (LO3-6,3-7)Laker Incorporated's fiscal year-end is December 31, 2024. The following is an adjusted trial balance as of December31.AccountsCashSuppliesPrepaid RentAccounts PayableNotes PayableCommon StockRetained EarningsDividendsService RevenueSalaries Expense.Advertising ExpenseRent ExpenseUtilities ExpenseTotals.Debit$12,00039,00030,0004,000CreditRequired:1. Prepare the necessary closing entries.2. Calculate the ending balance of Retained Earnings.3. Prepare a post-closing trial balance.$3,00030,00040,0009,00054,00020,00013,00010,0008,000$136,000 $136,000 Required 2 Required 3Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select "No Journal EntryRequired" in the first account field.)Required 1No123DateDecember 31, 202 Service RevenueRetained EarningsDecember 31, 202 Retained EarningsSalaries ExpenseAdvertising ExpenseShow Transcribed TextRent ExpenseUtilities ExpenseDecember 31, 202 Retained EarningsDividendsGeneral Journal< Required 1ĴRequired 1 Required 2 Required 3✓✓✓✓✓✓Calculate the ending balance of Retained Earnings.Retained earnings✓Required 2 >Debit54,000✔9,000 X4,000✔Credit54,000✔20,00013,000✔10,000✔8,000Complete this question by entering your answers in the tabs below.4,000

Trial balance :— It is the statement that shows list of final ending balances of all ledger accounts…

Exercise 3-18 (Static) Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) Laker Incorporated's fiscal year-end is December 31, 2024. The following is an adjusted trial balance as of December 31. 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. Debit $12,000 39,000 30,000 4,000 20,000 13,000 10,000 8,000 $136,000 Credit Required: 1. Prepare the necessary closing entries. 2. Calculate the ending balance of Retained Earnings. 3. Prepare a post-closing trial balance. $3,000 30,000 40,000 9,000 54,000 $136,000

Exercise 3-18 (Static) Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) Laker Incorporated's fiscal year-end is December 31, 2024. The following is an adjusted trial balance as of December 31. 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. Debit $12,000 39,000 30,000 4,000 20,000 13,000 10,000 8,000 $136,000 Credit Required: 1. Prepare the necessary closing entries. 2. Calculate the ending balance of Retained Earnings. 3. Prepare a post-closing trial balance. $3,000 30,000 40,000 9,000 54,000 $136,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 11PB: Prepare journal entries to record the following transactions. Create a T-account for Unearned...

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