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