Question 2 The trial balance of Westmeadow Weightlifting contains the following account balances at 30 June We Weightlifting Trial balance as at 30 June Debit $165,750 101,020 Credit Inventory Walter Westmeadow, drawings Sales Sales returns and allowances Discount allowed Cost of sales Freight inwards Discount received Selling and distribution expenses Administrative expenses Other finance expenses $2,580,900 47,240 8,360 1,651,280 29,680 5,790 419,200 252,084 48,000 Prepare the closing entries under the perpetual inventory system. (Enter debit entries first, followed by credit entries, Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Particulars Debit Credit June 30 (Close debit temporary accounts) 30 (Close credit temporary accounts) 30 (Transfer profit to capital) 30 (Transfer drawings to capital a/c)