Question

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

Answer 1

Credit $ 49,610 $ $ $ Closing entries Sl.no Accounts Title Debit 1 Sales Revenue $ 49,230 Rent Revenue $ 380 Income summary 2 Income summary $ 43,020 Salaries & wages Expenses Depreciation Expenses Utilities Expenses Insuarnce Expenses Rent Expenses Income Tax expenses 3 Income summary $ 6,590 Retained Earnings 4 Retained Earnings $ 380 Dividend $ $ $ $ 23,200 2,100 5,020 2,200 6,800 3,700 $ 6,590 $ 380