System said the answer is not compeleted Wondering what is m

System said the answer is not compeleted. Wondering what is missing, thanks.

M4-17 Recording Closing Journal Entries LO 4-5] The Sky Blue Corporation has the following adjusted trial balance at December 31 Debit Cash Accounts Receivable Prepaid Insurance Notes Receivable (long-term) Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Unearned Revenue Common Stock Retained Earnings Dividends Sales Revenue Rent Revenue Salaries and Wages Expense Depreciation Expense Utilities Expense Insurance Expense Rent Expense Income Tax Expense $1,310 2,800 3,100 3,800 16,000 $ 4,200 6,220 1,400 3,700 760 3,200 1,320 380 49,230 380 23,200 2,100 5,020 2,200 6,800 3,700 Total $70,410 $70,410 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 View journal entry worksheet 0 Date General Journal Debit Credit Dec 31 Sales Revenue 49,230 Rent Revenue 380 Salaries and Wages Expense Depreciation Expense Utilities Expense Insurance Expense Rent Expense Income Tax Expense 23,200 2,100 5,020 2,200 6,800 3,700 Dec 31 Retaied Earnings 380 Dividends 380

Solution

Answer

--all revenue accounts having credit balances are DEBITED
--all expenses accounts having debit balances are CREDITED
--The difference between Debit and Credit is recorded as “Income Summary” (or directly as “retained earnings”)
--Income Summary is closed by transferring balance to retained earnings.
--Dividends a/c are closed by crediting them and debiting retained earnings

Date

General Journal

Debit

Credit

Dec-31

Sales revenue

$           49,230.00

Rent Revenue

$                 380.00

Salaries & Wages expenses

$                     23,200.00

Depreciation expenses

$                       2,100.00

Utilities expenses

$                       5,020.00

Insurance expense

$                       2,200.00

Rent expense

$                       6,800.00

Income Tax expense

$                       3,700.00

Income Summary (or retained earnings can also be used)

$                       6,590.00

(revenues & expenses account closed)

Dec-31

Income Summary

$             6,590.00

Retained earnings

$                       6,590.00

(Income summary -Net Income- closed)

Dec-31

Retained earnings

$                 380.00

Dividends

$                           380.00

(dividend closed)

Date	General Journal	Debit	Credit
Dec-31	Sales revenue	$           49,230.00
	Rent Revenue	$                 380.00
	Salaries & Wages expenses		$                     23,200.00
	Depreciation expenses		$                       2,100.00
	Utilities expenses		$                       5,020.00
	Insurance expense		$                       2,200.00
	Rent expense		$                       6,800.00
	Income Tax expense		$                       3,700.00
	Income Summary (or retained earnings can also be used)		$                       6,590.00
	(revenues & expenses account closed)
Dec-31	Income Summary	$             6,590.00
	Retained earnings		$                       6,590.00
	(Income summary -Net Income- closed)
Dec-31	Retained earnings	$                 380.00
	Dividends		$                           380.00
	(dividend closed)