View Policies Current Attempt in Progress Presented below is information related to Vaughn Corporation for the month of January 2020. Cost of goods sold Delivery expense Insurance expense Rent expense $222,460 7,290 11,760 21,140 Salaries and wages expense Sales discounts Sales returns and allowances Sales revenue $65,030 7,560 13,720 366,500 Prepare the necessary closing entries. (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 Ofor the amounts.) Debit Credi No. Date Account Titles and Explanation Jan. 1. 31 (To close revenue accounts) 2. Jan. 31 (To close expense accounts) 3. Jan. 31 (To close net income / (loss))