Cost of goods sold Presented below is information related to XYZ Corporation for the year ended 12/31/21. $2,080,000 Salaries and wages exp $ 610,000 Delivery expense Dividends 70,000 Sales discounts 50,000 Accounts Receivable 80,000 167,000 Supplies Expense 35,000 Sales revenue 3,500,000 Allowance for Doubtful Sales returns and 120,000 130,000 Accounts Insurance expense Rent expense Instructions Prepare the necessary closing entries. Account Dr allowances 150,000 Dividends Payable 50,000 200,000 Supplies 12,000 Cr