Presented below is information related to Headland Corporation for the month of January 2017.
Cost of goods sold $221,450
Salaries and wages expense $62,960
Delivery expense 6,300
Sales discounts 8,320
Insurance expense 11,900
Sales returns and allowances 12,540
Rent expense 18,370
Sales revenue 364,700
Required:
1. Prepare the necessary closing entries.
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