Presented below are selected account balances for Nash Co. as of December 31, 2020. Inventory 12/31/20 $61,090 Cost of Goods Sold $229,771
Common Stock 74,650 Selling Expenses 15,967
Retained Earnings 45,220 Administrative Expenses 37,979
Dividends 18,288 Income Tax Expense 29,920
Sales Returns and Allowances 12,148 Sales Discounts 14,780
Sales Revenue 416,110

Required:
Prepare closing entries for Nash Co. on December 31, 2020.

The quinoa seed is in high demand in wealthier countries such as the u.s. and japan. approximately 97% of all quinoa production comes from small farmers in bolivia and peru who farm at high elevations—8,000 feet or higher. the seed is considered highly nutritious. mostly grown and harvested in bolivia and peru, and sold to markets in other countries, the seed is now considered an important for these nations. the governments of bolivia and peru are hopeful that this product will increase the quality of life of their farmers.