At December 31, 2020, account balances after adjustments for Sky Company are as follows: Account Balances Accounts (After Adjustment) Cash $ 70,000 Supplies 10,000 Equipment 125,000 Accumulated Depreciation-Equipment 30,000 Notes Payable 42,500 Accounts Payable 12,500 Sky's Capital 50,000 Sky's Drawings 20,000 Service Revenue 285,000 Advertising Expense 47,000 Depreciation Expense 10,000 Rent Expense 65,000 Salaries Expense 60,000 Maintenance Expense 3,000 Utilities Expense 10,000 Required: Prepare the closing journal entries for Sky Company on December 31, 2020