! Required information [The following information applies to the questions displayed below.) The Sky Blue Corporation has the following adjusted trial balance at December 31. Credit Debit $ 1,230 2,000 2,300 3,000 12,000 Cash Accounts Receivable Prepaid Insurance Notes Receivable (long-term) Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Deferred 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 Total $ 2,600 5,420 1,000 2,900 600 2,400 1,000 300 42,030 300 21,600 1,300 4,220 1,400 6,000 2,900 $ 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.) 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.) Credit No 1 Date December 31 Debit 42,030 300 General Journal Sales Revenue Rent Revenue Salaries and Wages Expense Depreciation Expense Utilities Expense Insurance Expense Rent Expense Income Tax Expense Retained Earnings 21,600 1,300 4,220 1,400 6,000 2,900 4,910 2 December 31 > 1,000 Retained Earnings Dividends 1,000