M4-17 Recording Closing Journal Entries [LO 4-5] The Sky Blue Corporation has the following adjusted trial balance at December 31. Debit Credit S 1,400 Cash Accounts Receivable Prepaid Insurance 3,700 4,000 4,700 20,500 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 $ 6,000 7,120 1,850 4,600 940 4.100 1,680 470 57,330 470 Salaries and Wages Expense Depreciation Expense Utilities Expense Insurance Expense Rent Expense Income Tax Expense 25.000 3000 5,920 3,100 7.700 600 Total $84.090 84.090