Question & Answer: Laker Incorporated's fiscal year-end is December 31, 2018. The following is an adjusted trial balance as of December 31 Debi…..

Laker Incorporateds fiscal year-end is December 31, 2018. The following is an adjusted trial balance as of December 31 Debit Credit Accounts Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense $11,500 36,500 27,500 $ 2,500 25,000 37,500 8,500 3,500 19,500 12,500 9,500 7,500 Rent Expense 128,000 $128,000 Totals

Laker Incorporated’s fiscal year-end is December 31, 2018. The following is an adjusted trial balance as of December 31 Debit Credit Accounts Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense $11,500 36,500 27,500 $ 2,500 25,000 37,500 8,500 3,500 19,500 12,500 9,500 7,500 Rent Expense 128,000 $128,000 Totals

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