Question: From your solution to question 9.8, prepare the general journal to close the trading account and post to the relevant account. Question 9.8 Prepare the

From your solution to question 9.8, prepare the general journal to close the trading account and post to the relevant account.

Question 9.8

Prepare the general journal at the end of the accounting period to transfer the balances of the following accounts to the trading account in the general ledger: sales $30 000, inventory (opening) $2500, purchases $13 200, customs duty $1200, freight inwards $500. The value of the inventory from the physical stocktake at the end of the accounting period was $2800. Show the balances in simple T account format. Post the journals and balance the accounts, except the trading account.

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