Question 4 of 5 View Policies Current Attempt in Progress Presented below are selected account balances for Novak Co. as of December 31, 2020. Inventory 12/31/20 Common Stock Retained Earnings Dividends Sales Returns and Allowances Sales Discounts Sales Revenue $60.870 73,930 45,100 18,061 11,774 14,830 403,770 Cost of Goods Sold Selling Expenses Administrative Expenses Income Tax Expense $227.386 16,313 38,174 29.400 Prepare closing entries for Novak Co. on December 31, 2020. (Credit account titles are automatically indented when amount is er Do not indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts.) No. Account Titles and Explanation Debit Credit 1. (To close accounts with credit balances) 2. Question 4 of 5 Prepare closing entries for Novak Co. on December 31, 2020. (Credit account titles are automatically indented when amount i Do not indent manually . If no entry is required, select "No entry for the account titles and enter for the amounts.) No. Account Titles and Explanation Debit Credit 1. (To close accounts with credit balances) 2 (To close accounts with debit balances) 3 (To close net income / Gloss) (Todose dividends Textbookand Media