Required information M4-14 through M4-17 (Algo) Reporting an Income Statement, Reporting a Statement of Retained Earnings, Reporting a Balance Sheet and Recording Closing Journal Entries [LO 4-4, LO 4-5) [The following information applies to the questions displayed below.) The Sky Blue Corporation has the following adjusted trial balance at December 31, Debit Cash Credit $ 1,380 Accounts Receivable 3,500 Prepaid Insurance 3.800 Notes Receivable (long-term) 4,500 Equipment 19,500 Accumulated Depreciation $ 5,600 Accounts Payable 6,920 Salaries and Wages Payable 1,750 Income Taxes Payable 4.400 Deferred Revenue 900 Common Stock 3,900 Retained Earnings 1,600 Dividenda 450 Sales Revenue 55,530 Rent Revenue 450 Salaries and Wages Expense 24,600 Depreciation Expense 2,800 Utilities Expense 5,720 Insurance Expense 2,900 Rent Expense 7,500 Income Tax Expense 4,400 Total $ 81,050 $ 81,050 M4-17 (Algo) Required: 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 General Journal Debit Credit Date December 31 Record entry Clear entry View general Journal