The Sky Blue Corporation has the following adjusted trial balance at December 31. Credit Cash Accounts Receivable Prepaid Insurance Notes Receivable (long-term) Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Unearned 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 $ 1,310 2,800 3,100 3,800 16,000 4,200 6,220 1,400 3,700 760 3,200 1,320 49,230 380 23,200 2,100 5,020 2,200 6,800 3,700 Total $70,410 $70,410 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.)