The Sky Blue Corporation has the following adjusted trial balance at Decembe Debit Credit Cash $ 1,390 3,600 3,900 4,600 20,000 Accounts Receivable Prepaid Insurance Notes Receivable (long-term) Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable $ 5,800 7,020 1,800 4,500 Deferred Revenue 920 Common Stock Retained Earnings Dividends 4,000 1,640 460 Sales Revenue 56,430 Rent Revenue 460 Salaries and Wages Expense Depreciation Expense Utilities Expense Insurance Expense Rent Expense 24,800 2,900 5,820 3,000 7,600 4,500 Income Tax Expense Total $82,570 $82,570 Prepare closing journal entries on December 31. (If no entry is required for a transaction/ in the first account field.)
The Sky Blue Corporation has the following adjusted trial balance at Decembe Debit Credit Cash $ 1,390 3,600 3,900 4,600 20,000 Accounts Receivable Prepaid Insurance Notes Receivable (long-term) Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable $ 5,800 7,020 1,800 4,500 Deferred Revenue 920 Common Stock Retained Earnings Dividends 4,000 1,640 460 Sales Revenue 56,430 Rent Revenue 460 Salaries and Wages Expense Depreciation Expense Utilities Expense Insurance Expense Rent Expense 24,800 2,900 5,820 3,000 7,600 4,500 Income Tax Expense Total $82,570 $82,570 Prepare closing journal entries on December 31. (If no entry is required for a transaction/ in the first account field.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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How would I prepare the closing journal entries for revenues, expenses, and dividends?
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Required information
[The following information applies to the questions displayed below.]
The Sky Blue Corporation has the following adjusted trial balance at December
Debit
Credit
$ 1,390
3,600
3,900
4,600
20,000
Cash
Accounts Receivable
Prepaid Insurance
Notes Receivable (long-term)
Equipment
Accumulated Depreciation
Accounts Payable
Salaries and Wages Payable
Income Taxes Payable
Deferred Revenue
$ 5,800
7,020
1,800
4,500
920
Common Stock
4,000
1,640
Retained Earnings
Dividends
460
Sales Revenue
56,430
Rent Revenue
460
Salaries and Wages Expense
Depreciation £xpense
Utilities Expense
Insurance Expense
Rent Expense
Income Tax Expense
24,800
2,900
5,820
3,000
7,600
4,500
$82,570
Total
$82,570
Prepare closing journal entries on December 31. (If no entry is required for a transaction/e
in the first account field.)
Prev
3 of 3
Ne
30
10
FEB
4.
MacBook Pro](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffc6e20ea-c366-4e72-a293-8892cf08fd94%2Fcc7f4062-e279-49a0-911d-4d6ca4354413%2Fu1jtjje_processed.jpeg&w=3840&q=75)
Transcribed Image Text:rk
Saved
Required information
[The following information applies to the questions displayed below.]
The Sky Blue Corporation has the following adjusted trial balance at December
Debit
Credit
$ 1,390
3,600
3,900
4,600
20,000
Cash
Accounts Receivable
Prepaid Insurance
Notes Receivable (long-term)
Equipment
Accumulated Depreciation
Accounts Payable
Salaries and Wages Payable
Income Taxes Payable
Deferred Revenue
$ 5,800
7,020
1,800
4,500
920
Common Stock
4,000
1,640
Retained Earnings
Dividends
460
Sales Revenue
56,430
Rent Revenue
460
Salaries and Wages Expense
Depreciation £xpense
Utilities Expense
Insurance Expense
Rent Expense
Income Tax Expense
24,800
2,900
5,820
3,000
7,600
4,500
$82,570
Total
$82,570
Prepare closing journal entries on December 31. (If no entry is required for a transaction/e
in the first account field.)
Prev
3 of 3
Ne
30
10
FEB
4.
MacBook Pro
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