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The Sky Blue Corporation has the following adjusted trial balance at December 31. ...

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Accounting

The Sky Blue Corporation has the following adjusted trial balance at December 31.

Debit Credit
Cash $ 1,430
Accounts Receivable 4,000
Prepaid Insurance 4,300
Notes Receivable (long-term) 5,000
Equipment 22,000
Accumulated Depreciation $ 6,600
Accounts Payable 7,420
Salaries and Wages Payable 2,000
Income Taxes Payable 4,900
Unearned Revenue 1,000
Common Stock 4,400
Retained Earnings 1,800
Dividends 500
Sales Revenue 60,030
Rent Revenue 500
Salaries and Wages Expense 25,600
Depreciation Expense 3,300
Utilities Expense 6,220
Insurance Expense 3,400
Rent Expense 8,000
Income Tax Expense 4,900
Total $ 88,650 $ 88,650

Prepare closing journal entries on December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

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