The Sky Blue Corporation has the following adjusted trial balance at December 31. Debit Credit Cash $ 1,260 Accounts Receivable 2,300 Prepaid Insurance 2,600 Notes Receivable (long-term) 3,300 Equipment 13,500 Accumulated Depreciation $ 3,200 Accounts Payable 5,720 Salaries and Wages Payable 1,150 Income Taxes Payable 3,200 Deferred Revenue 660 Common Stock 2,700 Retained Earnings 1,120 Dividends 330 Sales Revenue 44,730 Rent Revenue 330 Salaries and Wages Expense 22,200 Depreciation Expense 1,600 Utilities Expense 4,520 Insurance Expense 1,700 Rent Expense 6,300 Income Tax Expense 3,200 Total $ 62,810 $ 62,810 M4-17 (Algo) 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.)
The Sky Blue Corporation has the following adjusted trial balance at December 31. Debit Credit Cash $ 1,260 Accounts Receivable 2,300 Prepaid Insurance 2,600 Notes Receivable (long-term) 3,300 Equipment 13,500 Accumulated Depreciation $ 3,200 Accounts Payable 5,720 Salaries and Wages Payable 1,150 Income Taxes Payable 3,200 Deferred Revenue 660 Common Stock 2,700 Retained Earnings 1,120 Dividends 330 Sales Revenue 44,730 Rent Revenue 330 Salaries and Wages Expense 22,200 Depreciation Expense 1,600 Utilities Expense 4,520 Insurance Expense 1,700 Rent Expense 6,300 Income Tax Expense 3,200 Total $ 62,810 $ 62,810 M4-17 (Algo) 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
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M4-14 through M4-17 (Algo) Reporting an Income Statement, Reporting a Statement of Retained Earnings , Reporting a Balance Sheet and Recording Closing Journal Entries [LO 4-4, LO 4-5]
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The Sky Blue Corporation has the following adjusted
| Debit | Credit | |
|---|---|---|
| Cash | $ 1,260 | |
| 2,300 | ||
| Prepaid Insurance | 2,600 | |
| Notes Receivable (long-term) | 3,300 | |
| Equipment | 13,500 | |
| $ 3,200 | ||
| Accounts Payable | 5,720 | |
| Salaries and Wages Payable | 1,150 | |
| Income Taxes Payable | 3,200 | |
| Deferred Revenue | 660 | |
| Common Stock | 2,700 | |
| Retained Earnings | 1,120 | |
| Dividends | 330 | |
| Sales Revenue | 44,730 | |
| Rent Revenue | 330 | |
| Salaries and Wages Expense | 22,200 | |
| Depreciation Expense | 1,600 | |
| Utilities Expense | 4,520 | |
| Insurance Expense | 1,700 | |
| Rent Expense | 6,300 | |
| Income Tax Expense | 3,200 | |
| Total | $ 62,810 | $ 62,810 |
M4-17 (Algo)
Required:
Prepare closing journal entries on December 31. (If no entry is required for a transaction/event, select "No
Transcribed Image Text:View transaction list
Journal entry worksheet
1
2
Record the closing entry for revenues and expenses.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
December 31
Record entry
Clear entry
View general journal
Transcribed Image Text:View transaction list
Journal entry worksheet
1
Record the closing entry for dividends.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
December 31
Record entry
Clear entry
View general journal
2.
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