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

value 5.26 points M4-17 Recording Closing Journal Entries [LO 4-5] The Sky Blue Corporation has the following adjusted trial balance at December 31. Debit 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 nsurance Expense Rent Expense Income Tax Expense $ 1,430 4,000 4,300 5,000 22,000 $6,600 7,420 2,000 4,900 1,000 4.400 1,800 500 60,030 500 25,600 3,300 6,220 3,400 8,000 4,900 Total $88,650 $88,650 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.)