Prepare the closing entries for Jones Ltd.

Closing entries JONES LTD PRE-CLOSING TRIAL BALANCE AT 30 JUNE 2022 DR CR $ $
Cash 120 000 Accounts receivable 290 000 Inventory 350 000 Prepaid insurance 25 000 Equipment 260 000 Accumulated depreciation 32 000 Accounts payable 150 000 Salaries payable 12 000 Loan 186 000 Share capital 300 000 Retained profits 300 000 Sales 320 000 COGS 190 000 Depreciation expense 2 000 Rent 10 000 Salaries expense 37 000 Insurance expense 5 000 Telephone expense 5 000 Electricity expense 6 000 1 300 000 1 300 000