5
Laker Incorporated's fiscal year-end is December 31, 2026. The following is a listing of adjusted account balances as of December 31.
Accounts
Balance
Cash
$ 14,000
Supplies
40,600
1
points
Prepaid Rent
32,000
Accounts Payable
3,200
Notes Payable
32,000
Common Stock
42,000
Retained Earnings
9,600
eBook
Dividends
4,200
Service Revenue
60,000
Print
Salaries Expense
22,000
Advertising Expense
15,000
References
Rent Expense
12,000
Utilities Expense
8,200
Required:
1. Transfer balances of temporary accounts to Retained Earnings and calculate its ending balance.
2. Calculate all account balances after closing.
Complete this question by entering your answers in the tabs below.
A
Required 1 Required 2