Answer:
Explanation:
The closing entries for the following accounts are
1. Sales Revenue A/c Dr $405,210
To Income Summary $405,210
(Being revenue account closed)
2. Income summary A/c Dr $332,466
To Cost of Goods Sold $222,005
To Selling Expenses $15,964
To Administrative Expenses $37,422
To Income Tax Expense $30,070
To Sales Returns and Allowances $11,865
To Sales Discounts $15,140
(Being credit balance accounts are closed)
3. Income summary A/c Dr $72,744 ($405,210 - $332,466)
To Retained earning $72,744
(Being the difference is credited to retained earning)
4. Retained earnings A/c Dr $18,160
To Dividend A/c $18,160
(Being dividend account is closed)
