From your solution to question 9.7, close the trading account and prepare the general journal to transfer the gross profit to the profit and loss account.

Question 9.7

Prepare general journals for the end of the accounting year to close out the accounts to the trading account from figure 9.12. Journalise the closing inventory of $2300. Post the journals to the T accounts shown in figure 9.12 and then balance the T accounts, except the trading account.

Transcribed Image Text:

Balance Balance Balance Inventory 2100 Purchases 11 000 Wharfage Charges 300 Balance Sales Balance Freight Inwards 1 100 Trading 25 000