Preparing and Analyzing Closing Entries Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Cash Accounts Receivable Adjusted Trial Balance December 31, 2019 Prepaid Insurance Equipment Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue Common Stock Retained Earnings Dividends Debit Credit $3,150 5,650 4,480 42,000 $24,000 2,800 4,450 3,875 8,000 2,255 10,500 Retained Earnings 2,255 Dividends 10,500. Service Revenue 99,400 Salaries Expense 49,400 Rent Expense 17,250 Insurance Expense 2,200 Depreciation Expense 4,950 Income Taxes Expense 5,200 Totals $144,780 $144,780 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 Income Summary 99,500 X 99,500 X (Close revenues) Dec. 31 Income Summary Salaries Expense 49,400 Rent Expense 17.250 Depreciation Expense 4.950 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 Income Summary (Close revenues) Dec. 31 Income Summary 99.500 X 99,500 X Salaries Expense 49.400 Rent Expense 17.250 Depreciation Expense 4.950 Insurance Expense Income Tax Expense 2,200 4,800 X (Close expenses) Dec. 31 Income Summary Retained Earnings (Close Income Summary) Dec. 31 Retained Earnings Dividends (Close Dividends) 20,400 20.400 10,500 10,500