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 Notes Receivable (long-term) Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Deferred Revenue Common Stock Retained Earnings Dividends Sales Revenue Rent Revenue Debit $ 1,240 Credit 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 Salaries and Wages Expense 21,800 Depreciation Expense 1,400 Utilities Expense 4,320 Insurance Expense 1,500 Rent Expense 6,100 Income Tax Expense 3,000 Total $ 59,770 $ 59,770 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.) Journal entry worksheet < 1 2 Record the closing entry for revenues and expenses. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Journal entry worksheet > 1 2 Record the closing entry for dividends. Note: Enter debits before credits. Date December 31 General Journal Debit Credit > View general journal Record entry Clear entry