Presented below is information related to Sheffield Corporation for the month of January 2020. Cost of goods sold $223,450 Salaries and wages expense $61,150 Delivery expense 6,960 Sales discounts 8,410 Insurance expense Rent expense 12,410 18,050 Sales returns and allowances Sales revenue 14,220 374,600 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 0 for the amounts.) No. Date Account Titles and Explanation 1. Jan. 31 Jan. 2. 31 (To close revenue accounts) Debit Credit Jan. (To close revenue accounts) 2. 31 Jan. 3. 31 (To close expense accounts) (To close net income/(loss))