M4-17 Recording Closing Journal Entries [LO 4-5] The Sky Blue Corporation has the following adjusted trial balance at December 31. Credit Debit $ 1,390 3,600 3,900 4,600 20,000 Cash Accounts Receivable Prepaid Insurance Notes Receivable (long-term) Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Unearned Revenue Common Stock Retained Earnings Dividends Sales Revenue Rent Revenue Salaries and Wages Expense Depreciation Expense Utilities Expense Insurance Expense Rent Expense Income Tax Expense $ 5,800 7,020 1,800 4,500 920 4,000 1,640 460 56,430 460 24,800 2,900 5,820 3,000 7,600 4,500 Total $82,570 $82,570 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.) View transaction list Journal entry worksheet Record the closing entry for revenues and expenses. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal 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.) View transaction list Journal entry worksheet Record the closing entry for dividends. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal