The following information is taken from the trial balance of Petra’s Pedicure Parlour.

Required

Given that the cost of the inventory on 30 June 2020 is $25 300, prepare the closing entries on 30 June 2020.

Transcribed Image Text:

Inventory, 1 July 2019 Petra Portillo, Drawings Sales Sales returns and allowances Discount allowed Purchases Purchases returns and allowances Discount received Freight inwards Selling and distribution expenses Administrative expenses Debit $24290 20600 4520 1820 218380 3510 69 060 56 550 Credit $360 520 1580 1390