The Sky Blue Corporation has the following adjusted trial balance at December 31. DebitCreditCash$ 1,230 Accounts Receivable2,000 Prepaid Insurance2,300 Notes Receivable (long-term)3,000 Equipment12,000 Accumulated Depreciation $ 2,600Accounts Payable 5,420Salaries and Wages Payable 1,000Income Taxes Payable 2,900Deferred Revenue 600Common Stock 2,400Retained Earnings 1,000Dividends300 Sales Revenue 42,030Rent Revenue 300Salaries and Wages Expense21,600 Depreciation Expense1,300 Utilities Expense4,220 Insurance Expense1,400 Rent Expense6,000 Income Tax Expense2,900 Total$ 58,250$ 58,250Required: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.) Please don't provide answer in image format thank you

Closing entries are journal entries that are passed at the end of accounting period to transfer the…

Answered: The Sky Blue Corporation has the…

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 50E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

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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 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.)

Please don't provide answer in image format thank you

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