Presented below is information related to Concord Corporation for the month of January 2020. Cost of goods sold $211,350 Salaries and wages expense $54,980 Delivery expense 7,010 Sales discounts 7,790 Insurance expense 11,770 Sales returns and allowances 13,660 Rent expense 21,890 Sales revenue 353,700 Prepare the necessary closing entries. (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.)