Presented below are selected account balances for Homer Winslow Co. as of December 31, 2014.
| Inventory 12/31/14 |
|
$60,180 |
|
Cost of Goods Sold |
|
$225,870 |
| Common Stock |
|
75,870 |
|
Selling Expenses |
|
17,400 |
| Retained Earnings |
|
48,850 |
|
Administrative Expenses |
|
39,150 |
| Dividends |
|
19,080 |
|
Income Tax Expense |
|
30,180 |
| Sales Returns and Allowances |
|
13,650 |
|
|
|
|
| Sales Discounts |
|
15,290 |
|
|
|
|
| Sales Revenue |
|
411,940 |
|
|
|
|
Prepare closing entries for Homer Winslow Co. on December 31, 2014. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)