The following accounts have these balances at 30 June before closing entries.

Income statement accounts $ Balance sheet accounts $

Revenues Cash 25 000 Sales revenue 270 000 Accounts receivable 33 000 Investment revenue 36 000 Share capital 80 000 Expenses Retained profits 125 000 Cost of goods sold 121 000 Wages expense 98 000 General expense 7 000 1 Provide the end-of-year journal entry to close the necessary accounts.

2 After the closing entries, what is the balance in the following accounts?

a Sales revenue b Retained profits