The Sky Blue Corporation has the following adjusted trial balance at December $31.$

Debit Credit

Cash $ $1,240$

Accounts Receivable $2,100$

Prepaid Insurance $2,400$

Notes Receivable $($long$-$term$)3,100$

Equipment $12,500$

Accumulated Depreciation $ $2,800$

Accounts Payable $5,520$

Salaries and Wages Payable $1,050$

Income Taxes Payable $3,000$

Deferred Revenue $620$

Common Stock $2,500$

Retained Earnings $1,040$

Dividends $310$

Sales Revenue $42,930$

Rent Revenue $310$

Salaries and Wages Expense $21,800$

Depreciation Expense $1,400$

Utilities Expense $4,320$

Insurance Expense $1,500$

Rent Expense $6,100$ Journal entry worksheet

Record the closing entry for revenues and expenses.

Note: Enter debits before credits.

Date General Journal Debit Credit

December $31$

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.$)$