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Business, 18.06.2020 03:57 erinolson07cats

The Sky Blue Corporation has the following adjusted trial balance at December 31. Debit Credit
Cash $1,330
Accounts Receivable 3,000
Prepaid Insurance 3,300
Notes Receivable
(long-term) 4,000
Equipment 13,000
Accumulated Depreciation $3,600
Accounts Payable 5,920
Salaries and Wages Payable 1,100
Income Taxes Payable 3,900
Unearned Revenue 700
Common Stock 3,400
Retained Earnings 1,100
Dividends 400
Sales Revenue 47,330
Rent Revenue 400
Salaries and Wages
Expense 22,600
Depreciation Expense 1,800
Utilities Expense 5,220
Insurance Expense 1,900
Rent Expense 7,000
Income Tax Expense 3,900
Total $67,450 $67,450
1. Prepare closing journal entries on December 31.
2. Record the closing entry for revenues and expenses. Record the closing entry for dividends.

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