QUESTION 2: Use the following trial balance, General Journal and ledger accounts provided by the Trainer to accurately prepare the necessary closing month entries, general ledger and reversing entries, according to accounting standards and double entry rules: Required: a) Prepare closing general journal entries on 30th June 2021 b) Prepare general ledger accounts for i) Trading, ii) Profit & Loss and iii) Capital c) Prepare any reversals required on 1st July 2021 in the general journal Credit 1 A business has the following trial balance (before closing entries) at 30th June 2021: Trial balance as at 30th June 2021 Account Debit Cash at bank 12,000 Accounts receivable 20,000 Drawings 30,000 Insurance 3,200 Doubtful debts 1,000 Vehicles 30,000 Accumulated depreciation - vehicles Freight inwards 4,000 Premises 200,000 8,000 Focus 8,000 79,000 3,000 5,200 40,000 Rent expense Loan from City Bank Accrued wages expense Interest expense Inventory (1/7/18) Accounts payable GST collected GST paid Capital Sales Purchases Allowance for doubtful debts 33,000 25,000 12,000 89,000 260,000 80,000 1,000 7,00 Prepaid rent expense Advertising Electricity Telephone expense Wages Depreciation - vehicles Discount income - 2,000 10,000 6,000 3,000 32,000 1,600 2,000 500,000 500,000 A stock-take at 30th June 2021 revealed closing inventory of $35,000