Presented below are selected account balances for Sheridan Co. as of December 31, 2020. Inventory 12/31/20...

 

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Presented below are selected account balances for Sheridan Co. as of December 31, 2020. Inventory 12/31/20 $59,710 Cost of Goods Sold $229,009 Common Stock 75,420 Selling Expenses 16,177 Retained Earnings 44,810 Administrative Expenses 37,408 Dividends 17,925 Income Tax Expense 30,410 Sales Returns and Allowances 12,202 Sales Discounts 14,910 Sales Revenue 407,140 Prepare closing entries for Sheridan Co. on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Presented below are selected account balances for Sheridan Co. as of December 31, 2020. Inventory 12/31/20 $59,710 Cost of Goods Sold $229,009 Common Stock 75,420 Selling Expenses 16,177 Retained Earnings 44,810 Administrative Expenses 37,408 Dividends 17,925 Income Tax Expense 30,410 Sales Returns and Allowances 12,202 Sales Discounts 14,910 Sales Revenue 407,140 Prepare closing entries for Sheridan Co. on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.)