Question 5 (of 12) 5. value: 1.00 points M4-17 Recording Closing Journal Entries [LO 4-5] The Sky Blue Corporation has the following adjusted trial balance at December 31. Credit Debit $ 1,360 3,300 3,600 4,300 18,500 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 $ 5,200 6,720 1,650 4.200 860 3,700 1,520 430 53,730 430 24,200 2,600 5,520 2,700 7,300 4,200 Total $78,010 $78,010 Prepare closing journal ontrios on December 31. (If no entry is required for a transactionlevent, select "No Joumal 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