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M4-14 through M4-17 (Algo) Reporting an Income Statement, Reporting a Statement of Retained Earnings, Reporting...

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M4-14 through M4-17 (Algo) Reporting an Income Statement, Reporting a Statement of Retained Earnings, Reporting a Balance Sheet and Recording Closing Journal Entries (LO 4-4, LO 4-5) [The following information applies to the questions displayed below.) The Sky Blue Corporation has the following adjusted trial balance at December 31 Debit Credit Cash $ 1,330 Accounts Receivable 3,000 Prepaid Insurance 3,300 Notes Receivable (long-term) 4,000 Equipment 17,000 Accumulated Depreciation $4,600 Accounts Payable 6,420 Salaries and Wages Payable 1,500 Income Taxes Payable 3,900 Deferred Revenue 800 Common Stock 3,400 Retained Earnings 1,400 Dividends 400 Sales Revenue 51,030 Rent Revenue 400 Salaries and Wages Expense 23,600 Depreciation Expense 2,300 Utilities Expense 5,220 Insurance Expense 2,400 Rent Expense 7,000 Income Tax Expense 3,900 Total $ 73,450 $ 73,450 Record the closing entry for revenues and expenses. Note: Enter debits before credits. General Journal Debit Credit Date December 31 Record the closing entry for dividends. Note: Enter debits before credits. General Journal Debit Credit Date December 31

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