Answer and Explanation:
The closing entries for the following accounts are presented below:
1. Sales Revenue A/c Dr $408,750
         To Income Summary $408,750
(Being revenue account closed)
2. Income summary A/c Dr $323,830
       To Cost of Goods Sold          $229,017
       To Sales Returns and Allowances $11,908
       To  Sales Discounts                        $15,070
       To Selling Expenses                       $16,133
       To Administrative Expenses          $37,525
       To Income Tax Expense                 $30,300
(Being expenses accounts are closed)
3. Income summary A/c Dr $84,930 ( $408,750 - $323,830)
        To Retained earning $84,930
(Being the difference is credited to retained earning)
4. Retained earnings A/c Dr $17,873
          To Dividend A/c $17,873
(Being dividend account is closed)