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Question - Presented below are selected account balances for Sheffield Co. as of December 31, 2020.
Inventory 12/31/20 $60,190
Cost of Goods Sold $228,174
Common Stock 74,190
Selling Expenses 15,963
Retained Earnings 44,110
Administrative Expenses 37,903
Dividends 17,932
Income Tax Expense 29,630
Sales Returns and Allowances 11,865
Sales Discounts 14,880
Sales Revenue 411,230
Required - Prepare closing entries for Sheffield Co. on December 31, 2020?
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