4: Closing Entries (25 marks) Louise is the sole proprietor of Louise's Laundry Service. Louise is good friends with Suzanna and Mei. Louise's Laundry Service is contracted by Silver Masts Accommodation to pick up the sheets, towels and tea towels from each house after a guest party has left, replace them with clean linen and take away the used linen and wash it. She also offers a dry-cleaning service and Mei's convenience store is an agent for Louise's Laundry Service One evening when Suzanna, Mei and Louise were out to dinner, Louise was explaining that she had no idea how to close off the accounts at the end of the financial year. Suzanna and Mei suggested she contact Copeland & Johnson Accounting Services again and ask for you, as they have both been very happy with the work you have done for them. During her appointment with you, Louise hands over the following Trial Balance she prepared in alphabetical order: Louise's Laundry Service Trial Balance For the year ended 30 June 2022 Debit (5) Credit (5) Accounts Payable 1250 Accounts Receivable 11856 Accumulated Depreciation - Delivery Van 14489 Accumulated Depreciation-Washing Machines 15042 Advertising Expense 1250 Capital-Louise's Laundry Service 153 708 Cash at Bank 49333 Computer 1500 Delivery Van 31150 Discount Allowed 919 Drawings Louise's Laundry Service 40415 Electricity Expense 9165 Interest Expense 4429 Laundry Supplies Expense Loan 23200 Mobile Phone & Internet Expense 1555 Office Gas Expense Rent Expense 52354 Repairs and Maintenance 3637 Repairs and Maintenance Payable Sales 4913 170731 Sales Returns & Allowances Washing Machines Water Expense Total 473 168 648 2661 383 333 383 333 REQUIRED The Managing Partner has requested that you assist Louise by preparing the following: REQUIRED The Managing Partner has requested that you assist Louise by preparing the following: Closing entries based on the Trial Balance provided above, and A post-closing Trial Balance for the year ended 30 June 2022. General Journal-closing entries marks] Date Details Debit (S) Credit (5) [18 Post-closing Trial Balance marks] Shiny Bright Cleaners 17 Post-closing Trial Balance marks] Total Debit (5) Credit (5) Shiny Bright Cleaners Post-closing Trial Balance For the year ended 30 June 2022 WRITTEN COMMUNICATION SKILLS 17