Cornerstone Exercise 3-27 Preparing and Analyzing Closing Entries Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash Accounts Receivable Prepaid Insurance 3,150 5,650 4,480 42,000 $24,000 2,800 4,450 3,875 8,000 2,255 Accounts Payable Salaries Payable Unearned Service Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Rent Expense Insurance Expense Depreciation Expense 10,500 99,600 49,400 17,250 2,200 4,950