Exercise 3-14

Presented below is information related to Sheridan Corporation for the month of January 2020.

Cost of goods sold $202,500 Salaries and wages expense $65,480

Delivery expense 6,340 Sales discounts 8,680

Insurance expense 12,610 Sales returns and allowances 13,680

Rent expense 18,240 Sales revenue 351,800

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)

1. Jan. 31

enter an account title to close expense accounts on January 31

enter an account title to close expense accounts on January 31

enter an account title to close expense accounts on January 31

enter an account title to close expense accounts on January 31

enter an account title to close expense accounts on January 31

enter an account title to close expense accounts on January 31

enter an account title to close expense accounts on January 31

enter an account title to close expense accounts on January 31

(To close expense accounts)

3.

Jan. 31

enter an account title to close net income / (loss) on January 31

enter an account title to close net income / (loss) on January 31

(To close net income / (loss))