Required information [The following information applies to the questions displayed below.] The Sky Blue Corporation has the following adjusted trial balance at December 31. Prepaid Insurance Cash Accounts Receivable 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 Depreciation Expense Salaries and Wages Expense Utilities Expense Insurance Expense Rent Expense Income Tax Expense Total Debit Credit $ 1,400 3,700 4,000 4,700 20,500 $ 6,000 7,120 1,850 4,600 940 4,100 1,680 470 57,330 470 25,000 3,000 5,920 3,100 7,700 4,600 $ 84,090 $ 84,090 Required: Prepare closing journal entries on December 31. (If no entry is required for a transaction/event, select "No Journal Entry Re in the first account field.) Answer is complete but not entirely correct. No 1 Date December 31 General Journal Sales Revenue Rent Revenue Salaries and Wages Expense Depreciation Expense Utilities Expense. Insurance Expense Rent Expense Income Tax Expense Retained Earnings 2 December 31 Retained Earnings Dividends Debit Credit 57,330 470 25,000 3,000 5,920 3,100 7,700 4,600 57,800 470 470