Answer:
2014 Closing Entries
Feb. 28 Sales 2,850,000
Income Summary 2,850,000
28 Income Summary 2,375,000
Sales Discounts 25,000
Sales Returns and Allowances 90,000
Cost of Merchandise Sold 1,641,000
Selling Expenses 300,000
Administrative Expenses 290,000
Interest Expense 29,000
28 Income Summary 475,000
Lonnie Clemente, Capital 475,000
28 Lonnie Clemente, Capital 50,000
Lonnie Clemente, Drawing 50,000