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 business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.