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[The following information applies to the questions displayed below.] The Sky Blue Corporation has the following adjusted trial balance at December 31.

	Debit	Credit
Cash	$ 1,430
Accounts Receivable	4,000
Prepaid Insurance	4,300
Notes Receivable (long-term)	5,000
Equipment	22,000
Accumulated Depreciation		$ 6,600
Accounts Payable		7,420
Salaries and Wages Payable		2,000
Income Taxes Payable		4,900
Deferred Revenue		1,000
Common Stock		4,400
Retained Earnings		1,800
Dividends	500
Sales Revenue		60,030
Rent Revenue		500
Salaries and Wages Expense	25,600
Depreciation Expense	3,300
Utilities Expense	6,220
Insurance Expense	3,400
Rent Expense	8,000
Income Tax Expense	4,900
Total	$ 88,650	$ 88,650

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.)

1. record the closing entry for revenues and expesne
2. record the closing entry for dividends