The following represents the adjusted trial balance of Delaney Tax Consultants as at 31st March 2022.

Delaney Tax Consultants
Trial Balance
As at 31st March 2022
	Debit $	Credit $
Cash at Bank	35,000
Accounts Receivable	19,000
Office Supplies	8,000
Prepaid Insurance	13,000
Office Equipment	50,000
Accumulated Depreciation - Equipment		25,000
Accounts Payable		18,000
Wages Payable		5,200
Revenue received in advance		10,400
ABC Bank loan		9,000
Capital X. Delaney		50,000
Drawings X. Delaney	13,800
Consulting Revenue		63,000
Rent Revenue		20,000
Insurance Expense	5,600
Rent Expense	17,100
Wages Expense	26,400
Depreciation Expense - Equipment	12,700
Total	200,600	200,600

Required:

a) Prepare the closing journal entries for Delaney Tax Consulting as at 31^st March 2022. Narrations ARE NOT required. (12 marks)

b) Prepare the T-account for Delaney Tax Consultings profit and loss summary account and calculate the closing balance of the account as at 31^st March 2022. (4 marks)

c) Discuss the purpose of closing entries. Include an explanation of which accounting concept is aligned with closing entries and the purpose of this concept.