Presented below are selected account balances for Homer Winslow Co. as of December 31, 2020.

Instructions

Prepare closing entries for Homer Winslow Co. on December 31, 2020. (Omit explanations.)

Inventory 12/31/20 Common Stock Cost of Goods Sold Selling Expenses Administrative Expenses Income Tax Expense $ 60,000 75,000 $225,700 16,000 38,000 Retained Earnings Dividends Sales Returns and Allowances Sales Discounts Sales Revenue 45,000 18,000 30,000 12,000 15,000 410,000