Answer and Explanation:
The closing entries for the following accounts are:
1. Fees earned A/c Dr $56,000
To Income Summary $56,000
(To record the closing of the revenue account)
2. Income summary A/c Dr $48,000
To Depreciation Expense $25,000
To Salaries Expense $23,000
(To record the closing of the expenses accounts)
3. Income summary A/c Dr $8,000 ($56,000 - $48,000)
To Retained earning $8,000
(To record the difference i.e. credited to retained earning)
4. Retained earnings A/c Dr $2,000
To Dividend A/c $2,000
(To record the closing of the dividend account)
