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 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.) Please don't provide answer in image format thank you
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 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.) Please don't provide answer in image format thank you
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
The Sky Blue Corporation has the following adjusted
| Debit | Credit | |
|---|---|---|
| Cash | $ 1,230 | |
| Accounts Receivable | 2,000 | |
| Prepaid Insurance | 2,300 | |
| Notes Receivable (long-term) | 3,000 | |
| Equipment | 12,000 | |
| $ 2,600 | ||
| Accounts Payable | 5,420 | |
| Salaries and Wages Payable | 1,000 | |
| Income Taxes Payable | 2,900 | |
| Deferred Revenue | 600 | |
| Common Stock | 2,400 | |
| 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 |
Required:
Prepare closing journal entries on December 31. (If no entry is required for a transaction/event, select "No
Please don't provide answer in image format thank you
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education