QUESTION 4: Closing Entries (15 marks) Annie Bacterial is the sole proprietor of Shiny Bright Cleaners. Annie is good fr

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Question 4 Closing Entries 15 Marks Annie Bacterial Is The Sole Proprietor Of Shiny Bright Cleaners Annie Is Good Fr 1 (370.09 KiB) Viewed 20 times

QUESTION 4: Closing Entries (15 marks) Annie Bacterial is the sole proprietor of Shiny Bright Cleaners. Annie is good friends with Anna Conder, Chaz Lounge and Emily Watson. Shiny Bright Cleaners is contracted by The Great Outdoors, Lounge Around Furniture Market and Watson Financial Planning Services to clean the premises of each business. One evening when they all were all out to dinner, Annie was explaining that she had no idea how to close off the accounts. Her friends suggested she contact Crase & Stone Accounting Services again and ask for you as they have all been very happy with the work you have done for them. During her appointment with you, Annie hands over the following Trial Balance: Shiny Bright Cleaners Trial Balance For the year ended 30 June 2021 Credit ($) Debit ($) 12,400 25,200 6,000 3,000 36,000 Cash at Bank Accounts Receivable Cleaning Supplies Prepaid Insurance Cleaning Equipment Accumulated Depreciation - Cleaning Equipment Accounts Payable Salaries Payable Interest Payable Mortgage Payable Unearned Revenue A. Bacterial - Capital A. Bacterial - Drawings Sales Salaries Expense Insurance Expense Interest Expense Depreciation Expense Cleaning Supplies Expense Rent Expense 18,000 6,000 2,040 3,120 7,800 6,720 18,000 14,400 62,080 14,040 1,080 600 4,200 2,040 4,800 Total 123,760 123,760 REQUIRED The Managing Partner has requested that you assist Annie by preparing the following: a) Closing entries based on the Trial Balance provided above, and b) A post-closing Trial Balance for the year ended 30 June 2021.