Answer:
Explanation:
The closing entries for the following accounts are shown below:
1. Sales Revenue A/c Dr $520,000
  Other revenue A/c Dr $49,000
                   To Income Summary A/c $569,000
(Being revenue account closed)
2. Income Summary A/c Dr $490,000
       To  Cost of goods sold $280,000
       To other expenses $210,000
(Being expenses accounts are closed)
3. Income summary A/c Dr $79,000 ($569,000 - $490,000)
                   To Retained earning $79,000
(Being the difference is credited to retained earning)
4. Retained earnings A/c Dr $18,000
            To Dividend A/c $18,000
(Being dividend account is closed)