Please don't provide answer in image format thank you 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.AccountsCashSuppliesPrepaid RentAccounts PayableNotes PayableCommon StockRetained EarningsDividendsService RevenueSalaries ExpenseAdvertising ExpenseRent ExpenseUtilities ExpenseTotalsDebit$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 $136,000 Required 1 Required 2 Required 3Prepare a post-closing trial balance.LAKER INCORPORATEDPost-Closing Trial BalanceDecember 31, 2024TotalsAccountsCashSuppliesPrepaid RentAccounts PayableNotes PayableCommon StockRetained Earnings$Debit0 $Credit0

The closing entries are prepared to close the temporary accounts of the business. The retained…

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

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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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