Laker Incorporated's fiscal year-end is December 31, 2024. The following is an adjusted trial balance as of December 31. Debit $10,500 31,500 22,500 Accounts Cash Supplies Prepaid Rent Accounts Payable wwwww Notes Payable NOCES Common Stock Retained Earnings Divide Dividends Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense Totals 2,500 18,500 11,500 Required 1 Required 2 Required 3 8,500 6,500 $112,000 Required: 1. Prepare the necessary closing entries. 2. Calculate the ending balance of Retained Earnings. 3. Prepare a post-closing trial balance View transaction list Credit $1,500 15,000 32,500 7,500 55,500 $112,000 Complete this question by entering your answers in the tabs below. < Prev. 7 of 8 # Next >

Selected accounts from Lue Co.'s adjusted trial balance for the year ended December 31 follow. Prepare a classified balance sheet. Total equity. .... .. $30,000 Employee federal income taxes payable $9,000 Equipment.... Salaries payable ... Accounts receivable. Cash ... Current portion of long-term debt Notes payable (due in 6 years) . 40,000 Federal unemployment taxes payable ... .00 . 34,000 FICA–Medicare taxes payable... 5,100 FICA–Social Security taxes payable ... 50,000 Employee medical insurance payable . . 4,000 State unemployment taxes payable . . 10,000 Sales tax payable (due in 2 weeks) . . 725 3,100 .2,000 1,800 ... .... .... ... •. 275

Hanshaben

The following transactions apply to Jova Company for Year 1, the first year of operation:   Issued $13,500 of common stock for cash. Recognized $68,500 of service revenue earned on account. Collected $60,800 from accounts receivable. Paid operating expenses of $35,600. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be 2 percent of sales on account.   The following transactions apply to Jova for Year 2:   Recognized $76,000 of service revenue on account. Collected $68,800 from accounts receivable. Determined that $970 of the accounts receivable were uncollectible and wrote them off. Collected $200 of an account that had previously been written off. Paid $49,200 cash for operating expenses. Adjusted the accounts to recognize uncollectible accounts expense for Year 2. Jova estimates uncollectible accounts expense will be 1.0…