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How do prepare closing entries for the accounts

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Reference no: EM132480996

Inventory 12/31/20             $59,970

Cost of Goods Sold                 $223,818

Common Stock                    75,590

Selling Expenses                 16,076

Retained Earnings                44,340

Administrative Expenses       38,613

Dividends                          18,040

Income Tax Expense              29,780

Sales Returns and Allowances11,773

Sales Discounts                    14,780

Sales Revenue                    402,900

Question 1: how do you prepare closing entries for these accounts ?

Reference no: EM132480996

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