Presented below are selected account balances for Vaughn Co. as of December 31, 2017. Inventory 12/31/17 $25,600 Sales Revenue $165,000 32,100 Cost of Goods Sold 83,500 Common Stock Retained Earnings 19,100 Selling Expenses 6,200 Dividends 7,800 Administrative Expenses 14,800 Sales Returns and Allowances 4,300 Income Tax Expense 12,900 Sales Discounts 5,500 Prepare closing entries for Vaughn Co. on December 31, 2017. (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 Debit Credit 1. Sales Revenue 165000 Income Summary 165000 (To close accounts with credit balance) 2. Income Summary Cost of Goods Sold Selling Expenses Administrative Expenses Income Tax Expense Sales Discounts Sales Returns and Allowances (To close accounts with debit balance) 3. 3. Income Summary Retained Earnings (To close accounts with debit balance) 3. 3 Income Summary Retained Earnings (To close net income / (loss)) 4. Retained Earnings Dividends (To close dividends)