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 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 Debit Credit $ 1,240 2,100 2,400 3,100 12,500 $ 2,800 5,520 1,050 3,000 620 2,500 1,040 310 42,930 310 21,800 1,400 4,320 1,500 6,100 3,000 $59,770 $59,770 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.)