M4-17 Recording Closing Journal Entries TLO 4-5] The Sky Blue Corporation has the following adjusted trial balance at December 31 Debit $ 1,230 2,000 2,300 3,000 12,000 Credit Cash Accounts Receivable Prepaid Insurance Notes Receivable (long-term) Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Pavable 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 $ 2,600 5,420 1,000 2,900 600 2,400 1,000 300 42,030 300 21,600 1,300 4,220 1,400 6,000 2,900 Total $58,250 $58,250 View transaction list Journal entry worksheet 2 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