ACC 610: E 3-16 (closing entries for a corporation) Presented below are selected account balances for Homer Winslow Co as of December 31, 2014.

Instructions: Prepare closing entries for Homer Winslow Co on December 31,2014. (Omit explanations)

Inventory 12/31/14		$60,000		Cost of Goods Sold		$225,700
Common Stock		75,000		Selling Expenses		16,000
Retained Earnings		45,000		Administrative Expenses		38,000
Dividends		18,000		Income Tax Expense		30,000
Sales Returns and Allowances		12,000
Sales Discounts		15,000
Sales Revenue		410,000