Using the trial balance of N Glen shown in figure 9.28, prepare the general journals to close the accounts for the year ended 31 May 2022. Post these general journals to the general ledger and prepare a trial balance. The solution to this question is used for the preparation of an income statement in question 9.32.

Question 9.32

Using your answer to question 9.28, prepare an income statement for N Glen for the year ended 31 May 2022.

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Trial Balance of N Glen as at 31 May 2022 Accounts Receivable Control Inventory GST Receivable Land and Buildings Machinery Bank Overdraft Accounts Payable Control GST Payable Loan Mortgage on Land and Buildings Capital Drawings Sales Rent Received Cost of Sales Advertising Freight Outwards Sales Wages Cleaning Donations Electricity Printing and Stationery Office Wages Rates Subscriptions Office Repairs and Maintenance Telephone Interest on Loan Mortgage Interest on Overdraft Bad Debts Expense 30 591 17 480 3010 320 000 95 100 6 568 166 500 647 1563 30 277 764 1 074 3 286 552 21 154 745 254 688 2727 5 002 1912 908 710 802 6568 11 649 4665 100 000 301 195 279 896 6829 710 802