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The Sky Blue Corporation has the following adjusted trial balance at December 31. Debit Credit Cash $ 1,230 Accounts Receivable 2,000 Prepaid Insurance 2,300 Notes
The Sky Blue Corporation has the following adjusted trial balance at December 31.
Debit | Credit | |
---|---|---|
Cash | $ 1,230 | |
Accounts Receivable | 2,000 | |
Prepaid Insurance | 2,300 | |
Notes Receivable (long-term) | 3,000 | |
Equipment | 12,000 | |
Accumulated Depreciation | $ 2,600 | |
Accounts Payable | 5,420 | |
Salaries and Wages Payable | 1,000 | |
Income Taxes Payable | 2,900 | |
Deferred Revenue | 600 | |
Common Stock | 2,400 | |
Retained Earnings | 1,000 | |
Dividends | 300 | |
Sales Revenue | 42,030 | |
Rent Revenue | 300 | |
Salaries and Wages Expense | 21,600 | |
Depreciation Expense | 1,300 | |
Utilities Expense | 4,220 | |
Insurance Expense | 1,400 | |
Rent Expense | 6,000 | |
Income Tax Expense | 2,900 | |
Total | $ 58,250 | $ 58,250 |
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.)
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