how do i trasnfer income and expense accounts to profit and loss account$2\mathrm{.}3$ Use the table below to prepare journal entries to transfer the income and expense accounts to

Profit and Loss at $30$ June $2022.$ You should refer to:

the Accounts listed in the Chart of Accounts file $($see file: FNSACC$414\_$NeoZone Chart of

Accounts$).$

the assumptions in the email for the accountant $($see file: FNSACC$414\_$NeoZone Email for

Accountant$),$ in particular:

All operating expenses are paid monthly except for insurance which was paid a year in advance

on April $1.$ Nine months of this cost will be prepaid Insurance.

A periodic inventory system is used. On June $30,$ a stocktake was performed and the inventory

balance was determined to be $$9,334.$

Depreciation to be charged is $$250$ on computer equipment, $$20$ on furniture and $$90$ on

software.

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