Required: Prepare the closing entries for Sparrow at December 31, 2019. If an amount box does not require an entry, leave it blank. Dec. 31 Cash Accounts Receivable (Close revenues) Dec. 31 (Close expenses) Dec. 31 (Close Income Summary) Dec. 31 (Close Dividends) Cornerstone Exercise 3-27 (Algorithmic) Preparing and Analyzing Closing Entries Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,150 Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated Depreciation, Equipment $24,000 Accounts Payable 2,800 Salaries Payable 4,450 Unearned Service Revenue 3,875 Common Stock 8,000 Retained Earnings 2,255 Dividends 10,500 Service Revenue 100,100 Salaries Expense 49,400 Rent Expense 17,250 Insurance Expense 2,200 Depreciation Expense 4,950 Income Taxes Expense 5,900 Totals $145,480 $145,480