a. Prepare Balance Day adjustments in General Journal - 10 marks b. Prepare an adjusted Trial Balance - 10 marks Trial Balance of Tombstone Pty Ltd DR $ 000 CR $ 000 6,324 Sales Inventory 1,422 Furniture and Fittings 570 72 Accumulated Depreciation - Furniture and Fittings Accounts Receivable 414 Allowance for Bad Debts 18 Accounts Payable 408 Cash at Bank 1,476 Share Capital 608 Bank Loan 400 Cost of Goods Sold 3,522 Advertising 42 Salaries & Wages 366 Interest Expense 18 Total 7,830 7,830 REQUIRED: Balance day adjustments for the following: a. b. C. Stock take indicates the inventory balance should be $1,412,000 Salaries and Wages due but not yet paid, $8,000 Depreciation not yet recorded for the year for Furniture & Fittings $54,000 Bad debts of $14,000 to be written off (by the indirect method) Allowance for bad debts to be 596 of accounts receivable (also indirect) d. e Part B - Closing Entries (5 marks) 1. Outline the purpose of the closing process at the end of an accounting period and the journal entries required to complete this process