Hi can I please have some help with preparing journal entries e.g debits and credits for Profit and loss account and Retained Earnings Account.

Table 2 Financial reports $ Retained earnings balance 1 July 2021 45,000 CR Net profit before tax 25,000 Income tax expense 7,600 Interim dividend paid 8,000 Proposed final dividend declared for 30 June 2021, paid 31 August 2021 14,000 Proposed final dividend declared for 30 June 2022 12,000 Transfer from dividend equalisation reserve 30,000 Transfer to general reserve 10,000 To complete this part of the assessment you are required to: 1. prepare a Profit and Loss account 2. prepare a Retained Earnings account All answers are to be completed in the Excel workbook FNSACC524_AE_Sk2of4_Appx_SubmissionPart1