Using the information given, prepare the year-end closing entries. Use a text entry for your responses.

Spring Orchard Company Adjusted Trial Balance December 31, 2020 Credit Debit 12,000 25,000 35,000 150,000 Cash Accounts Receivable Inventory Buildings Accumulated Depreciation- Buildings Accounts Payable Common stock Retained Earnings Dividends Sales Revenue Sales Discounts Sales Returns & Allowances Cost of Goods Sold Operating Expenses 20,000 12,000 100,000 44,000 30,000 310,000 6,000 8,000 178,000 42,000 486,000 486,000