Prepare closing entries for account balances for Swifty Co. on December 31, 2017.
Exercise 3-16Presented below are selected account balances for Swifty Co. as of December 31, 2017. Inventory 12/31/17 $59,970 Cost of Goods Sold $223,818Common Stock 75,590 Selling Expenses 16,076Retained Earnings 44,340 Administrative Expenses 38,613Dividends 18,040 Income Tax Expense 29,780Sales Returns and Allowances 11,773Sales Discounts 14,780Sales Revenue 402,900 Prepare closing entries for Swifty Co. on December 31, 2017. (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.)