December 31, 2019 Debit Credit Cash $3,150 Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated Depreciation, $24,000 Equipment Accounts Payable 2,800 Salaries Payable 4,450 3,875 Unearned Service Revenue Common Stock 8,000 Retained Earnings 2,255 Dividends 10,500 Service Revenue 99,600 Salaries Expense 49,400 Rent Expense 17,250 Insurance Expense 2,200 Depreciation Expense 4,950 Income Tax Expense 5,400 144,980 144,980 Totals Required: Prepare the closing entries for Sparrow at December 31, 2019. If an amount box does not require an entry, leave it blank. Dec. 31 Service Revenue 99,600 Income Summary 99,600 (Close revenues) Dec. 31 Income Summary 0 V Salaries Expense 49,400 Rent Expense 0V 17,250 Depreciation Expense v 0 4,950 Insurance Expense 2,200 Income Taxes Expense 0 5,400 (Close expenses) Dec. 31 Income Summary v Retained Earnings (Close Income Summary) Dec. 31 Retained Earnings 10,500 Dividends 10,500 (Close Dividends)