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Selected accounts for Sage Hill Inc. a private company following ASPE, as at December 31, 2020, are as follows: Inventory $57,300 Sales Returns and Allowances

Selected accounts for Sage Hill Inc. a private company following ASPE, as at December 31, 2020, are as follows:

Inventory

$57,300

Sales Returns and Allowances

$2,230

FV-NI Investments

23,900

Cost of Goods Sold

216,000

Retained Earnings

45,800

Administrative Expenses

30,850

Dividends

18,300

Income Tax Expense

30,600

Sales Revenue

390,400

Investment Income

2,920

Sales Discounts

5,150


Prepare closing entries for Sage Hill Inc. on December 31, 2020. (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.)

Account Titles and Explanation

Debit

Credit

enter an account title to close revenue accounts

enter a debit amount

enter a credit amount

enter an account title to close revenue accounts

enter a debit amount

enter a credit amount

enter an account title to close revenue accounts

enter a debit amount

enter a credit amount

(To close revenue accounts)

enter an account title to close expense accounts

enter a debit amount

enter a credit amount

enter an account title to close expense accounts

enter a debit amount

enter a credit amount

enter an account title to close expense accounts

enter a debit amount

enter a credit amount

enter an account title to close expense accounts

enter a debit amount

enter a credit amount

enter an account title to close expense accounts

enter a debit amount

enter a credit amount

enter an account title to close expense accounts

enter a debit amount

enter a credit amount

(To close expense accounts)

enter an account title to close income summary

enter a debit amount

enter a credit amount

enter an account title to close income summary

enter a debit amount

enter a credit amount

(To close income summary)

enter an account title to close dividends

enter a debit amount

enter a credit amount

enter an account title to close dividends

enter a debit amount

enter a credit amount

(To close dividends)

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