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]Skip to question[The following information applies to the questions displayed below.] The Sky Blue Corporation has the following adjusted trial balance at December 31. DebitCreditCash$ 1,260 Accounts Receivable2,300 Prepaid Insurance2,600 Notes Receivable (long-term)3,300 Equipment13,500 Accumulated Depreciation $ 3,200Accounts Payable 5,720Salaries and Wages Payable 1,150Income Taxes Payable 3,200Deferred Revenue 660Common Stock 2,700Retained Earnings 1,120Dividends330 Sales Revenue 44,730Rent Revenue 330Salaries and Wages Expense22,200 Depreciation Expense1,600 Utilities Expense4,520 Insurance Expense1,700 Rent Expense6,300 Income Tax Expense3,200 Total$ 62,810$ 62,810M4-17 (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.) View transaction listJournal entry worksheet12Record the closing entry for revenues and expenses.Note: Enter debits before credits.DateGeneral JournalDebitCreditDecember 31Record entryClear entryView general journal View transaction listJournal entry worksheet1Record the closing entry for dividends.Note: Enter debits before credits.DateGeneral JournalDebitCreditDecember 31Record entryClear entryView general journal2.

Closing Journal Entry: Closing journal entries are passed at the end of the accounting period. In…

Answered: The Sky Blue Corporation has the…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter17: Accounting For Notes And Interest

Section: Chapter Questions

Problem 13SPA: NOTES PAYABLE ENTRIES Milo Radio Shop had the following notes payable transactions: REQUIRED Record...

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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 following information applies to the questions displayed below.]

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.)

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

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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