Presented below are selected account balances for Homer Winslow Co. as of December 31, 2020. Inventory 12/31/20 $60,000 Cost of Goods Sold $225,700 Common Stock 75,000 Selling Expenses 16,000 Retained Earnings 45,000 Administrative Expenses 38,000 Dividends 18,000 Income Tax Expense 30,000 Sales Returns and Allowances 12,000 Sales Discounts 15,000 Sales Revenue 410,000 Prepare closing entries for Homer Winslow Co. on December 31, 2020. (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 O for the amounts.) No. Account Titles and Explanation 1. 2. 3. 4. (To close accounts with credit balances) (To close accounts with debit balances) (To close net income/(loss)) (To close dividends) Debit Credit