"Exercise 3-16 Presented below are selected account balances for Swifty Co. as of December 31, 2020 Inventory 12/31/20 $59,970 Cost of Goods Sold $223,818 Common Stock 75,590 Selling Expenses 16,076 Retained Earnings 44,340 Administrative Expenses 38,613 Dividends 18,040 Income Tax Expense 29,780 Sales Returns and Allowances 11,773 Sales Discounts Sales Revenue 402,900 14,780 Prepare closing entries for Swifty Co. on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually account tities and enter o for the amounts.) entry is required, select "No ent No. Account Titles and Explanation Debit (To close accounts with credit balances) (To close accounts with deb balances (To close net income / (loss)) (To close dividends) Question Attempt of