FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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
$10,500
31,500
22,500
2,500
18,500
11,500
8,500
6,500
$112,000
Credit
Required:
1. Prepare the necessary closing entries.
2. Calculate the ending balance of Retained Earnings.
3. Prepare a post-closing trial balance
$1,500
15,000
32,500
7,500
55,500
$112,000
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Transcribed Image Text: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 $10,500 31,500 22,500 2,500 18,500 11,500 8,500 6,500 $112,000 Credit Required: 1. Prepare the necessary closing entries. 2. Calculate the ending balance of Retained Earnings. 3. Prepare a post-closing trial balance $1,500 15,000 32,500 7,500 55,500 $112,000 Answer is not complete. Complete this question by entering your answers in the tabs below. < Prev ****** 10 of 15 ‒‒‒ Next > ant
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