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 Debit $ 1,3801 Credit 3,500 3,800 4,500 13,500 $ 5,600 6,920 1,750 4,400 900 3,900 1,600 450 55,530 450 Salaries and Wages Expense 24,600 Depreciation Expense 2,800 Utilities Expense 5,720 Insurance Expense 2,900 Rent Expense 7,500 Income Tax Expense 4,400 Total $ 81,050 $ 81,050 M4-17 (Algo) 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 list View journal entry worksheet Record the closing entry for revenues and expenses. Record the closing entry for dividends. Debit Credit 55,530 450 24,600 2,800 5,720 2,900 7,500