Assignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator Sinprogress=false LUI Accumulated Depreciation, Equipment Accounts Payable $24,000 2,800 Salaries Payable 4,450 Unearned Service Revenue 3,875 Common Stock Retained Earnings 8,000 2,255 Dividends 10,500 Service Revenue 99,700 Salaries Expense 49,400 Rent Expense 17,250 2,200 Insurance Expense Depreciation Expense 4,950 Income Taxes Expense 5,500 Totals $145,080 $145,000 Required: Prepare the closing entries for Sparrow at December 31, 2019. If an amount box does not require an entry, leave it blank sparrow company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,150 Accounts Receivable 5,650 4,480 Prepaid Insurance Equipment 42,000 Accumulated Depreciation, Equipment $24,000 Accounts Payable 2,800 Salaries Payable 4,450 Unearned Service Revenue 3,875 Common Stock 8,000 2,255 Retained Earnings Dividends 10,500 Service Revenue 99,700 Salaries Expense 49,400 17.250 Rent Expense Assignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator Sinprogress=false LUI Accumulated Depreciation, Equipment Accounts Payable $24,000 2,800 Salaries Payable 4,450 Unearned Service Revenue 3,875 Common Stock Retained Earnings 8,000 2,255 Dividends 10,500 Service Revenue 99,700 Salaries Expense 49,400 Rent Expense 17,250 2,200 Insurance Expense Depreciation Expense 4,950 Income Taxes Expense 5,500 Totals $145,080 $145,000 Required: Prepare the closing entries for Sparrow at December 31, 2019. If an amount box does not require an entry, leave it blank sparrow company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,150 Accounts Receivable 5,650 4,480 Prepaid Insurance Equipment 42,000 Accumulated Depreciation, Equipment $24,000 Accounts Payable 2,800 Salaries Payable 4,450 Unearned Service Revenue 3,875 Common Stock 8,000 2,255 Retained Earnings Dividends 10,500 Service Revenue 99,700 Salaries Expense 49,400 17.250 Rent Expense