Exercise 3-16

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.)