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Prepare closing entries for Sheffield Co on December

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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?

Reference no: EM132632445

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