Presented below are selected account balances for Johnson Co. as of December 31, 2020. Inventory 12/31/20   $60,050   Cost of Goods Sold   $229,610 Common Stock   74,370   Selling Expenses   15,940 Retained Earnings   45,010   Administrative Expenses   37,625 Dividends   17,920   Income Tax Expense   29,930 Sales Returns and Allowances   12,116         Sales Discounts   14,740         Sales Revenue   410,200         Prepare closing entries for Johnson Co. on December 31, 2020.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Presented below are selected account balances for Johnson Co. as of December 31, 2020.

Inventory 12/31/20
  $60,050  
Cost of Goods Sold
  $229,610
Common Stock
  74,370  
Selling Expenses
  15,940
Retained Earnings
  45,010  
Administrative Expenses
  37,625
Dividends
  17,920  
Income Tax Expense
  29,930
Sales Returns and Allowances
  12,116        
Sales Discounts
  14,740        
Sales Revenue
  410,200        


Prepare closing entries for Johnson Co. on December 31, 2020.

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