Exercise 3-16 Presented below are selected account balances for Sweet Co. as of December 31, 2017 Inventory 12/31/17 Common Stock Retained Earnings Dividends Sales Returns and Allowances Sales Discounts Sales Revenue $60,870 Cost of Goods Sold $227,386 16,313 73,930 Selling Expenses 45,100 Administrative Expenses 38,174 18,061 Income Tax Expense 11,774 14,830 403,770 29,400 Prepare closing entries for Sweet Co. on December 31, 2017. (Credit account titles are automatically indented whern 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. Account Titles and Explanation Debit Credit 1. Sales Revenue 403770 Sales Revenue To close accounts with credit balances) 2 (To close accounts with debit balances) 3. (To close net income / (loss)) (To close dividends)