Selected accounts for Winslow Inc., a private company following ASPE, as at December 31, 2020, are as follows:

Instructions

Prepare closing entries for Winslow Inc. on December 31, 2020.

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S 60,000 Sales Returns and Allowances $ 2,000 222,700 31,000 30,000 3,000 Inventory Cost of Goods Sold Administrative Expenses Income Tax Expense Investment Income 5,000 FV-NI Investments Retained Earnings Dividends Sales Revenue Sales Discounts 45,000 390,000