! Required information [The following information applies to the questions displayed below.] The Sky Blue Corporation has the following adjusted trial balance at December 31. 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 Debit $ 1,230 2,000 2,300 3,000 12,000 300 Credit $ 2,600 5,420 1,000 2,900 600 2,400 1,000 42,030 300 21,600 1,300 4,220 1,400 6,000 2,900 $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.)
! Required information [The following information applies to the questions displayed below.] The Sky Blue Corporation has the following adjusted trial balance at December 31. 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 Debit $ 1,230 2,000 2,300 3,000 12,000 300 Credit $ 2,600 5,420 1,000 2,900 600 2,400 1,000 42,030 300 21,600 1,300 4,220 1,400 6,000 2,900 $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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Record the closing entry for revenues and expenses.
Record the closing entry for dividends.
Transcribed Image Text:Date
December 31
General Journal
Debit
Credit
![!
Required information
[The following information applies to the questions displayed below.]
The Sky Blue Corporation has the following adjusted trial balance at December 31.
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
Debit
$ 1,230
2,000
2,300
3,000
12,000
300
21,600
1,300
4,220
1,400
6,000
2,900
$58,250
Credit
$ 2,600
5,420
1,000
2,900
600
2,400
1,000
42,030
300
$ 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.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F84bf7e00-816f-4f6a-ad58-b183b14716de%2F097aa8fc-f8da-4de3-8265-a836fb9947e7%2Fu4sc0no_processed.png&w=3840&q=75)
Transcribed Image Text:!
Required information
[The following information applies to the questions displayed below.]
The Sky Blue Corporation has the following adjusted trial balance at December 31.
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
Debit
$ 1,230
2,000
2,300
3,000
12,000
300
21,600
1,300
4,220
1,400
6,000
2,900
$58,250
Credit
$ 2,600
5,420
1,000
2,900
600
2,400
1,000
42,030
300
$ 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.)
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