Answer:
Explanation:
The closing entries for the following accounts are shown below:
1. Sales Revenue A/c Dr $535,000
Other revenue A/c Dr $41,000
To Income Summary A/c $576,000
(Being revenue account closed)
2. Income Summary A/c Dr $530,000
To Cost of goods sold $305,000
To other expenses $225,000
(Being expenses accounts are closed)
3. Income summary A/c Dr $46,000
To Retained earning $46,000
(Being the difference is credited to retained earning)
4. Retained earnings A/c Dr $20,000
To Dividend A/c $20,000
(Being dividend account is closed)
