Exercise 3-14 Presented below is information related to Blue Corporation for the month of January 2017 Cost of goods sold Delivery expense Insurance expense Rent expense $208,700 6,400 12,400 20,510 Salaries and wages expense Sales discounts Sales returns and allowances Sales revenue $55,050 8,470 12,180 325,100 Prepare the necessary closing entries. (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. No. Date Account Titles and Explanation Debit Credit 1. Jan. 31 (To close revenue accounts) 2. Jan. 31