Preparing Closing Journal Entries On June 30, 2018, Qantas Airlines reports the following balances. In AUD millions Debit Credit Total passenger and freight revenue AUD 17,060 Manpower and staff related AUD 4,300 Fuel 3,232 Aircraft operating variable 3,596 Depreciation and amortization 1,528 Other expenses 2,831 Finance costs, net 182 Income tax expense 411 Retained earnings, beginning of year 1,084 a. Assume the company has not yet closed any accounts to retained earnings. Prepare journal entries to close the temporary accounts above.

Preparing Closing Journal Entries On June 30, 2018, Qantas Airlines reports the following balances