The Sky Blue Corporation has the following adjusted trial balance at December 31. Debit Credit Cash $ 1,400 Accounts Receivable 3,700 Prepaid Insurance 4,000 Notes Receivable (long-term) 4,700 Equipment 20,500 Accumulated Depreciation $ 6,000 Accounts Payable 7,120 Salaries and Wages Payable 1,850 Income Taxes Payable 4,600 Unearned Revenue 940 Common Stock 4,100 Retained Earnings 1,680 Dividends 470 Sales Revenue 57,330 Rent Revenue 470 Salaries and Wages Expense 25,000 Depreciation Expense 3,000 Utilities Expense 5,920 Insurance Expense 3,100 Rent Expense 7,700 Income Tax Expense 4,600 Total $ 84,090 $ 84,090 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.)

Explanation:

The closing journal entries are as follows

1. Sales Revenue A/c Dr $57,330

  Rent Revenue A/c Dr $470

                 To Income Summary $57,800

(Being revenue account closed)

2. Income summary A/c Dr $49,320

         To Depreciation expense A/c $3,000

         To Salaries and Wages Expense A/c $25,000

         To Utilities Expense A/c $5,920

         To Insurance Expense A/c $3,100

         To Rent Expense $7,700

         To Income tax expense A/c $4,600

(Being expenses accounts are closed)

3. Income summary A/c Dr $8,480   ($57,800 - $49,320)

           To Retained earning A/c $8,480

(Being the difference is credited to retained earning)

4. Retained earnings A/c Dr $470

                   To Dividend A/c $470

(Being dividend account is closed)

For all other account, no journal entries  are required

steering wheels are always situated on the left side of the car.

always drive on the right side of the road.

white lines separate lanes of traffic traveling the same direction.

hashed or broken lines means you may change lanes when it is safe.

solid white lines mean stay in your lane.

yellow lines separate traffic moving in opposing directions.

hashed or broken yellow lines mean you can carefully pass, paying attention to oncoming traffic.

never cross a solid yellow line (or double yellow line).

when turning left at an intersection, pass in front of any cars that are turning left from the opposing direction (do not try to pass behind them).

use the left lane to pass other cars traveling your direction.

do not pass in the right lane unless absolutely necessary.

if you are driving in the far left hand lane and someone would like to pass you, move over to the right lane when it is safe to do so and allow them to pass.

you must always yield to pedestrians.

come to a complete stop whenever you see pedestrians trying to cross the street.

never pass a school bus if it has flashing red lights. wait until the lights have stopped.

be aware of bicyclists. often they share the road with cars and are supposed to also follow general traffic laws.

be particularly careful about driving in cities with bike lanes -- always check before turning that a bike is not coming.

it is mandatory to pull over or stop at an intersection to allow an emergency vehicle to pass you if you see one traveling with lights flashing and/or a siren running.

do not overuse your car horn. horns are used almost exclusively for emergency situations or for when you feel unsafe.

explanation:

3rd the reason why is because of management and leadership