Required information [The following information applies to the questions displayed below.] The Sky Blue Corporation has the following adjusted trial balance at December 31. Cash Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Accounts Receivable Notes Receivable (long-term) Salaries and Wages Payable Debit $ 1,230 Credit 2,000 2,300 3,000 12,000 $ 2,600 5,420 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 Total 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.) View transaction