10.

value: 8.37 points

M4-17 Recording Closing Journal Entries [LO 4-5]

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

	Debit			Credit
Cash	$	1,410
Accounts Receivable		3,800
Prepaid Insurance		4,100
Notes Receivable (long-term)		4,800
Equipment		21,000
Accumulated Depreciation				$	6,200
Accounts Payable					7,220
Salaries and Wages Payable					1,900
Income Taxes Payable					4,700
Unearned Revenue					960
Common Stock					4,200
Retained Earnings					1,720
Dividends		480
Sales Revenue					58,230
Rent Revenue					480
Salaries and Wages Expense		25,200
Depreciation Expense		3,100
Utilities Expense		6,020
Insurance Expense		3,200
Rent Expense		7,800
Income Tax Expense		4,700
Total	$	85,610		$	85,610

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.)