! Required information [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 $ 1,230 Prepaid Insurance Accounts Receivable Notes Receivable (long-term) 2,000 2,300 3,000 Equipment 12,000 Accumulated Depreciation $ 2,600 Accounts Payable 5,420 Salaries and Wages Payable 1,000 Income Taxes Payable 2,900 Deferred Revenue 600 Common Stock 2,400 Retained Earnings 1,000 Dividends 300 Sales Revenue Rent Revenue 42,030 300 Salaries and Wages Expense 21,600 Depreciation Expense 1,300 Utilities Expense 4,220 Insurance Expense 1,400 Rent Expense 6,000 Income Tax Expense 2,900 Total $ 58,250 $ 58,250 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.)