Laker Incorporated’s fiscal year-end is December 31, 2015. The following is an adjusted trial balance as of December 31.

Exercise 3-18 Record closing entries (LO6)

Laker Incorporated’s fiscal year-end is December 31, 2015. The following is an adjusted trial balance as of December 31.

    

Accounts	Debit			Credit
Cash	$	10,800
Supplies		33,000
Prepaid Rent		24,000
Accounts Payable				$	1,800
Notes Payable					18,000
Common Stock					34,000
Retained Earnings					7,800
Dividends		2,800
Service Revenue					55,200
Salaries Expense		18,800
Advertising Expense		11,800
Rent Expense		8,800
Utilities Expense		6,800
Totals	$	116,800		$	116,800

    

Required:
1.	Prepare the necessary closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Explanation: Retained Earnings           7,800            55,200       46,200            2,800                 14,000