The following represents the adjusted trial balance of Elizabeth Mack Designs as at 30 June 2022.

Elizabeth Mack Designs

Adjusted Trial Balance

30 June 2022

Account	Debit $	Credit $
Accounts Payable		14,000
Accounts Receivable	15,200
Accumulated Depreciation Office Furniture		11,600
Advertising Expenses	6,400
Bank Loan		11,000
Capital, Elizabeth Mack		50,000
Cash at Bank	19,200
Depreciation Expense	9,600
Drawings, Elizabeth Mack	13,800
Insurance Expense	8,800
Office Furniture	75,700
Prepaid Insurance	18,300
Interest Revenue		16,000
Rent Expense	23,500
Salaries Payable		15,900
Service Revenue		72,000
Total	190,500	190,500

Required:

(a) Prepare the closing entries for Elizabeth Mack Designs for 30 June 2022. Note the above trial balance is presented in alphabetical order of account name. Narrations ARE NOT required. (12 marks)

(b) Prepare the T-account for Elizabeth Macks Capital account to calculate the balance to be included in the Statement of Financial Position as at 30 June 2022. (3 marks)