Question 17 Presented below are selected account balances for Kingbird Co. as of December 31, 2017. Inventory 12/31/17 $60,520 Cost of Goods Sold $227,619 Common Stock 75,190 Selling Expenses 16,236 Retained Earnings 44,450 Administrative Expenses 38,252 Dividends Income Tax Expense 18,189 29,730 Sales Returns and Allowances 11,790 Sales Discounts 15.120 Sales Revenue 403,060 Prepare closing entries for Kingbird Co. on December 31, 2017. (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 0 for the amounts.) required, select "No entry" for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation Debit Credit 1. (To close accounts withcredit balances) (To close accounts with debit balances) BACK NEX (To close accounts with debit balances) 3 (To dlose net income/ (loss)) 4. (To close dividends) SHOW LIST OF ACCOUNTS Question Attempts: 0 of 1 used SAVE FOR LATTER SUBMIT