Lita Litigiosus is a barrister of the Independent Bar. She owns chambers near the courts. The legal business is structured as a sole trader and has some employees. From the trial balance shown in figure 9.59, next to each account name write the abbreviation for the account/statement and classification. Then use this information to:

• prepare general journals to close the relevant accounts

• post the journals to the general ledger

• prepare an income statement

• prepare a balance sheet.

Transcribed Image Text:

Trial Balance of L Litigiosus as at 30 June 2022 Bank Accounts Receivable Control GST Receivable Land Chambers Office Equipment Accounts Payable Control GST Payable Loan (Mortgage) Payable Capital Drawings Legal Fees Revenue Insurance Expense Salaries Expense Electricity Expense Interest Expense Telephone Expense 30 000 46 300 5 700 128 000 511 000 35 400 263 900 8 300 439 700 3 800 10 450 8 700 1 491 250 45 800 7 800 443 000 210 350 784 300 1 491 250