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Presented below are selected account balances for Wildhorse Co. as of December 31, 2020.
Inventory 12/31/20 $58,920
Cost of Goods Sold $224,039
Common Stock 74,150
Selling Expenses 16,031
Retained Earnings 45,400
Administrative Expenses 37,726
Dividends 17,830
Income Tax Expense 29,720
Sales Returns and Allowances 12,068
Sales Discounts 15,010
Sales Revenue 417,740
Question 1: Prepare closing entries for Wildhorse Co. on December 31, 2020
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