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 Record the closing entry for dividends.Note: Enter debits before credits.DateGeneral JournalDebitCreditDec 31

Closing entries are recorded to close the temporary accounts like revenues and expenses to the…

Answered: Corporation has the following adjusted…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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

Record the closing entry for dividends.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Dec 31

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