Laker Incorporated’s fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31.


Accounts Debit Credit
Cash $ 10,300
Supplies 30,500
Prepaid Rent 21,500
Accounts Payable $ 1,300
Notes Payable 13,000
Common Stock 31,500
Retained Earnings 7,300
Dividends 2,300
Service Revenue 55,700
Salaries Expense 18,300
Advertising Expense 11,300
Rent Expense 8,300
Utilities Expense 6,300
Totals $ 108,800 $ 108,800

Required:

1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)