How would I prepare the closing journal entries for revenues, expenses, and dividends? rkSavedRequired information[The following information applies to the questions displayed below.]The Sky Blue Corporation has the following adjusted trial balance at DecemberDebitCredit$ 1,3903,6003,9004,60020,000CashAccounts ReceivablePrepaid InsuranceNotes Receivable (long-term)EquipmentAccumulated DepreciationAccounts PayableSalaries and Wages PayableIncome Taxes PayableDeferred Revenue$ 5,8007,0201,8004,500920Common Stock4,0001,640Retained EarningsDividends460Sales Revenue56,430Rent Revenue460Salaries and Wages ExpenseDepreciation £xpenseUtilities ExpenseInsurance ExpenseRent ExpenseIncome Tax Expense24,8002,9005,8203,0007,6004,500$82,570Total$82,570Prepare closing journal entries on December 31. (If no entry is required for a transaction/ein the first account field.)Prev3 of 3Ne3010FEB4.MacBook Pro

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Description: How would I prepare the closing journal entries for revenues, expenses, and dividends? rkSavedRequired information[The following information applies to the questions displayed below.]The Sky Blue Corporation has the following adjusted trial balance a

Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Business

Accounting

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.)

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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